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#1 11-03-2019 08:57:54

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EUR/USD: a rebond of the euro remains probable (Commerzbank)

EUR/USD: a rebond of the euro remains probable (Commerzbank)

Karen Jones, an analyst at Commerzbank, says that the EUR/USD broke the bottom of its trading range at 1.1216 last week, and sold itself down to the 61.8% Fibonacci retracement of the 2017-2018 rise to 1,1186, which held the initial test.

"The rebound from here on out will probably be pretty light, as there is now considerable resistance above current market pricing that extends to the 200-day moving average at 1.1495. Below 1.1185/75 is the 1.1110 level, the May 2017 low, and the 78.6% retracement.

Any rallies will encounter initial resistance at 1.1315, the 20-day moving average level, which preserves the peak reached at 1.1420 in late February and the downtrend line at 1.1488.

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



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