EUR/USD: Close above 1.1347 to target 1.1570 – Commerzbank

EUR/USD has spiked down to the 61.8% retracement at 1.1052 and bounced from here, analysts at Commerzbank think that is it on the downside and the market should now recover.

Key quotes 

“It continues to consolidate around the 200 week ma at 1.1347. A weekly close above here would target the 1.1570 January 2019 high and then the 1.1815 September 2018 high.”

“Our overall target is the 12 year downtrend at 1.1950. Above 1.1950 will introduce scope to the 200 month ma, the 2018 high and the long term Fibonacci retracement at 1.2525/1.2644.”