EUR/USD remains on the defensive – Commerzbank

According to Karen Jones, analyst at Commerzbank, EUR/USD pair remains on the defensive and below the 55 day moving average at 1.1232.

Key Quotes

“It will shortly encounter the March and mid-June lows at 1.1181/76, we look for these to hold. While this area underpins on a daily chart closing basis, the 200 day moving average and early June high at 1.1328/48 will remain in sight. Above the 1.1412 June high we look for a test of the 1.1570 2019 high. Slightly longer term we target 1.1815/54, the highs from June and September 2018.”

“We regard the April and May lows at 1.1110/06 as a turning point and continue to view the market as based longer term and target 1.1990 (measurement higher from the wedge).”