Dips in EUR/USD are seen holding in the 1.1070 region – Commerzbank

According to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, occasional dips in EUR/USD should face initial support around 1.1073 ahead of 1.1043.

Key Quotes

“EUR/USD has rallied higher and is sitting just below the 200 day ma at 1.1198 and the top of the channel at 1.1283 this week. The 55 week ma offers additional resistance at 1.1248. We look for dips lower to hold over 1.1073 and 1.1043 (55 day ma)”.

“Longer term the critical resistance to overcome is the 200 week ma at 1.1356 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”.