EUR/USD: the euro is slowly climbing on the forex (Commerzbank)

According to Karen Jones, analyst at Commerzbank, the EUR/USD pair is slowly inching higher. The recent low of 1.1176 is considered an intermediate low and they suspect that the pair is trying to form a base but that it needs to "do more work".

"The initial resistance is the 100-day moving average limit at 1.1399 and the resistance line at 1.1394, ahead of the 200-day moving average at 1.1444. The EUR/USD is expected to target the 1.1570 high of January, as well as the 55-week moving average at 1.1551. We also see an inconsistent intraday Elliott wave count."

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