Karen Jones, analyst at Commerzbank, suggests that EUR/USD’s rally has reached the 1.1416 55 week moving average and has charted a key day reversal.

“We note the 13 count on the 60 minute chart and we would allow for a small near term retracement into the 1.1360/25 band ahead of further gains. Above 1.1416 we look for a test of the 1.1570 2019 high. Beyond this we target 1.1815/54 (highs from June and September 2018). Initial support lies at 1.1348 the 7th June high ahead of 1.1176 the 7th March high. We regard recent lows at 1.1110/06 as an interim turning point and continue to view the market as based longer term and we target 1.1990 (measurement higher from the wedge).”