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#1 28-01-2019 14:24:34

Admin & Trader
From: Paris - France
Registered: 21-12-2009
Posts: 2495

EUR/USD: the upward trendline still holds (Commerzbank)

EUR/USD: the upward trendline still holds (Commerzbank)

Commerzbank points out that last week we saw a EUR/USD pullback on the 2016-2019 uptrend line, currently at 1.1289, and that we have seen a slight erosion that has not been supported.

"We have additional support from the November and December lows at 1.1267/70. As long as the market holds here, we favour a resumption of the 1,1573 200-day moving average threshold and the mid-October high of 1,1623, and in the longer term we are aiming for 1,1759, the 55-week moving average. Short-term rallies will have to regain 1.1448 (the 100-day moving average) before focusing on a rise again. Support levels at 1.1267 and 1.1216 should hold.

A break below 1.1267 would cause losses to the recent low at 1.1216 and the 61.8% Fibonacci retracement of the 2017-18 hike at 1.1186. Please note that we continue to consider the recent low of 1.1216 as an intermediate low for the market.

"Anything worth having is worth going for - all the way." - J.R. Ewing



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