According to Karen Jones, analyst at Commerzbank, EUR/USD has started to approach its 6 month resistance line at 1.1457 and directly above here lies the 200 day MA at 1.1507.

“It has not cleared the 100 day MA at 1.1387 yet but we look for it to remain underpinned by the 1.1216 November low. We continue to favour recovery. Above the 200 day MA will re-target the 1.1623 mid October high and slightly longer term we look for gains to 1.1685, the 55 week MA,” Jones said.