EUR/USD is holding the near term up trend – Commerzbank

Karen Jones, analyst at Commerzbank, explains that the EUR/USD continues to consolidate very near term and has sold off to the 1.1312 support line, which is holding.

Key Quotes

“We look for further gains to the November high at 1.1500 and 1.1530/1.1622 (the 2018 downtrend and 16th October high). This will need to be overcome to negate downside pressure. Dips lower will ideally be contained by 1.1300 and while above here the market will be viewed as bid. This guards the 1.1216 November low.”

“Long term trend (1-3 months): A rise above the recent high at 1.1625 would confirm a trend reversal and put the 55 week moving average at 1.1836 back on the cards.”