EUR/USD: can the euro rebound continue? (Commerzbank)

Karen Jones, analyst at Commerzbank, explains that the EUR/USD pair continued to rebound from 1.1110, its May 2017 low.

"The rebound has been shy so far, but we could observe a 20-day moving average test at 1.1233. The number of intraday Elliott waves is negative. Support at 1.1110 is considered the breaking point to get to the 2019 support line at 1.1059 and the 78.6% Fibonacci retracement at 1.0814.

The next resistance is the limit of the 100-day moving average at 1.1334 and the resistance line at 1.1365, ahead of the 200-day moving average at 1.1420. Only a rise above the 200-day moving average would imply an upward trend reversal."