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#1 12-02-2019 09:34:58

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EUR/USD: the La pair is testing a key support level (Commerzbank)

EUR/USD: the La pair is testing a key support level (Commerzbank)

According to Karen Jones, an analyst at Commerzbank, the EUR/USD continues to weigh on the key support of the 1.1315-1.1265 band, which represents the 2016-2019 uptrend line, Fibonacci support and the December lows.

"To the extent that the market holds up in this zone, we are in favour of a resumption of the 1,1537 threshold of the 200-day moving average and the mid-October high at 1,1623, and in the slightly longer term, we are aiming for 1,1723, the 55-week moving average. However, we note the DMI's sell signal and the support level is directly exposed.

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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