Karen Jones, analyst at Commerzbank, EUR/USD continues to show signs of recovery from the 1.1176 recent low, and is now pushing hard into the 20 day ma at 1.1277.

“We suspect that it is trying to base but needs to do more work (we note the 13 count on the weekly chart and this adds weight to the idea of a base). Once above the 200 day ma at 1.1453, the cross should target the 1.1570 January high, together with the 55 week ma at 1.1568. Below 1.1185/75 (61.8% retracement) lies the 1.1110, the May 2017 low and the 1.0814/78.6% retracement.”