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#1 12-04-2019 09:12:18

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EUR/USD: can the euro make a break to the upside? (Commerzbank)

EUR/USD: can the euro make a break to the upside? (Commerzbank)

Karen Jones, an analyst at Commerzbank, suggests that the EUR/USD pair has continued to recover from the 1.1176 low and has eroded the 20-day moving average of 1.1273, prompting them to favour a short-term upward movement on the eurodollar.

"We suspect that the EUR/USD pair is trying to form a base and move up in the forex market, but it needs to do more work to do this (we note the 13 figures on the weekly chart and this adds weight to the idea of a potential base). Initial resistance is near the 100-day moving average at 1.1349 and another resistance line is at 1.1399, ahead of the 200-day moving average at 1.1448. Above this level the pair should aim for the January high of 1.1570, as well as the 55-week moving average of 1.1568.

Below 1.1185/75 (61.8% Fibo retracement) are 1.1110, the May 2017 low and the 78.6% retracement at 1.0814.

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



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