EUR/USD looks bullish above 1.1371 – Commerzbank

Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, noted the pair’s stance should turn to bullish on a weekly close above 1.1371

Key Quotes

“EUR/USD spent the whole week consolidating just below resistance at 1.1285 and the 200 day ma at 1.1295. The consolidation is viewed in a positive light. Key resistance is 1.1354/71, the 2018-2019 down channel and the 55 week ma. A weekly close above this latter level is needed for us to adopt an outright bullish stance”.

“Dips lower are likely to find some support circa 1.1150/06. Key support is the 1.0961 2018-2019 support line and below here lies the 78.6% retracement at 1.0814/78.6% retracement”.