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Karen Jones, an badyst at Commerzbank, suggests that the EUR / USD is down, and has reached the 55-day mark at 1.1344 and they expect to see the market stabilize and recover.
Key Quotes
"We are looking for earnings for the day 200 to 1.1550. The market remains supported by the uptrend of 2016-2019 at 1.1307. The 1.1267 / 70 November and December also offered additional support. As long as the market holds here, we favor a resumption of the 1.1550 200 day threshold and the high of 1.1623 mid-October and slightly longer term, we target 1.1745, the 55 week delay.
"A failure at 1.1267 will result in losses at the recent lows of 1.1216 and the Fibonacci retracement at 61.8% from the 2017-18 advance to 1.1186. Please note that we continue to consider the recent low of 1.1216 as a temporary low for the market. "
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