EUR/USD: the euro is facing slight downward pressure (Commerzbank)

According to Karen Jones, analyst at Commerzbank, the EUR/USD was subjected to slight downward pressure within its range, but the bank continues to see this as a potential future foundation.

"The initial upside resistance is its 6-month resistance line at 1.1450. Just above is the 200-day moving average at 1.1504. The EUR has not yet cleared the 100-day moving average bar at 1.1387, but we expect it to remain below the 1.11216 November low.

We continue to favour the bullish recovery of the EUR/USD. Above the 200-day moving average, we will aim for gains reaching 1.1623, the mid-October high and in the slightly longer term, the reaching of 1.1667, the 55-week moving average."