EUR/USD: the euro remains bullish in its range (Commerzbank)

Karen Jones, an analyst at Commerzbank, believes in the EUR/USD's rise after it started to rise again on Friday and the recent low of 1.1176 was considered an intermediate market low.

"We suspect that the EUR/USD pair is trying to form a base and move upwards, but it needs to do more work to do this (she notes the 13 figures on the weekly chart and this adds weight to the idea of a potential base). The initial resistance is near the 100-day moving average at 1.1339 and the resistance line at 1.1396, ahead of the 200-day moving average at 1.1446.

Above this level, the pair should aim for the January high at 1.1570, as well as the 55-week moving average at 1.1568. We also see a chart configuration on the daily chart that may cause short-term consolidation.

Below 1.1185/75 (61.8% fibonacci retracement) are 1.1110, the low of May 2017 and the 78.6% retracement to 1.0814."