EUR/USD: Recovery reaches 55-day ma – Commerzbank

The EUR/USD recovery has temporarily halted at the 55-day ma at 1.1074. Commerzbank’s Karen Jones analyzes the EUR/USD pair from a technical perspective. 

Key quotes

“We note the divergence of intraday RSI’s and would allow for a minor retracement to 1.0080/55 ahead of further recovery. We then look for the market to extend its rally towards the top of the channel at 1.1182.”

“Ahead of here lies the 1.1098 200 day ma, the 1.1137 55 week ma. Above the downtrend lies the 1.1240 recent high. This remains the break-up point to the 200-week ma at 1.1346.”