EUR/USD now targets the 200-day SMA at 1.1366 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted EUR/USD now aims for a test of the key 200-day SMA in the 1.1365/70 band.

Key Quotes

“EUR/USD has charted a weekly close above the 2018-2019 downtrend. This completes a falling wedge pattern with a 1.1990 upside measured target. To really ignite upside interest a close above the 200 week ma at 1.1347 is also probably needed (see weekly chart). Initial upside target will be the 200 day ma at 1.1366 and then the 1.1570 2019 high”.

“Dips lower are indicated to hold at 1.1235/00 and will ideally be contained by 1.1175. We regard recent lows at 1.1110/06 as an interim turning point”.