24 Jan 2018
EUR/USD still bid very near term – Commerzbank
Karen Jones, Head of FICC Technical Analysis at Commerzbank, highlighted the bid tone surrounding the pair.
Key Quotes
“EUR/USD’s new high has still not been confirmed by the daily RSI but the market is bid very near term. The market remains on course to challenge the 1.2432 200 month ma”.
“Immediate support is 1.2177 with further support offered by the 1.2092 September high and the 20 day moving average at 1.2112 – the market will remain immediately bid above here”.
“Below 1.2089 will trigger losses to the 1.1921 uptrend”.
“It will remain overall bid above the 1.1921 short term uptrend and this guards the 1.1717/12 November and December lows. The 1.1712 mid November low guards the 1.1553 7th November low”.