EUR/USD targets 1.1357 in the longer term – Commerzbank

Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, suggested the pair targets the key 200-week ma near 1.1360 in the long-term horizon.

Key Quotes

“EUR/USD is approaching the 200 day ma at 1.1196 and the top of the channel at 1.1276. The 55 week ma offers additional resistance at 1.1243. We look for dips lower to hold over 1.1073 and 1.1046 (55 day ma)”.

“Longer term the critical resistance to overcome is the 200 week ma at 1.1357 and while we would allow for this zone of resistance to hold the initial test, longer term we look for a break higher to feature. This will target 1.1520/70, the 2019 high, as a minimum”.