EUR/USD has broken higher from a reversal pattern. The pair now eyes the 1.1909 July high, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.
55-DMA at 1.1820 may provoke some near-term consolidation
“EUR/USD has recently closed above its short term downtrend and completed a falling wedge reversal pattern and we now look for gains to the 1.1909 July high and then the 1.1990/1.2005 March high and 200-day ma.”
“Dips should find the previous downtrend at 1.1755 offers near-term support.”
“The pair is currently eroding the 55-day ma at 1.1820, this may provoke some near-term consolidation.
“Initial support is the 1.1704 March low ahead of the 1.1665/64 recent low and the 1.1576 200-week ma.”