EUR/USD: Attention is now on 1.2014 – Commerzbank

Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, noted EUR/USD still remains on the defensive.

Key Quotes

“EUR/USD held steady yesterday, but remains on the defensive. It has recently eroded the 55 day ma and attention has dropped to 1.2014 the September high and the 1.2003 2020-2021 uptrend, which we suspect will hold.”

“Assuming that the uptrend (1.2003) and 23.6% retracement of the move up since March 2020 (1.1945) holds; medium-term the bull trend remains intact and targets the 1.2556 2018 high and 1.2624, the 200 month moving average, which remains our longer term target.”