According to Karen Jones, analyst at Commerzbank, EUR/USD is consolidating below the 1.1416 55 week moving average and are seeing a small near term retracement into the 1.1345/00 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).”