According to Karen Jones, analyst at Commerzbank, EUR/USD pair continues to weigh on key support in the 1.1315-1.1265 band, which is the 2016-2019 uptrend, Fibo support and the December lows.
“Provided that the market holds here we favour a recovery to the 1.1537 200 day ma and the 1.1623 mid-October high and slightly longer term we target 1.1723, the 55 week ma. However we note the sell signal on the DMI and this support is exposed.”
“Failure at 1.1267 will trigger losses to the 1.1216 recent low and the 61.8% Fibonacci retracement of the 2017-18 advance at 1.1186. Please note that we continue to regard the 1.1216 recent low as an interim low for the market.”