EUR/USD now targets 1.1098 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the recent price action suggests the outlook on the pair has improved somewhat.

Key Quotes

“Euro has eroded a 5 month downtrend, the 55 week ma at 1.0929, the 61.8^% retracement at 1.0974 and charted an outside day to the topside. It is bid the 200 day moving average at 1.0833. It targets the January 2015 low at 1.1098 and the 1.1146 78.6% retracement. We note the 13 count on the 240 minute chart and will wait to buy on a dip”.

“Below the 200 day ma we should see losses to the 55 day moving average at 1.0706 and the 2017 support line at 1.0633”.