EUR/USD: Uptrend at 1.2038 provides support – Commerzbank
|EUR/USD has been under pressure as the dollar benefits from safe-haven flows. Uptrend support at 1.2038 should offer initial support, with the pair then moving back higher for a test of the 1.2243 February high, as reported by Commerzbank.
See: EUR/USD set to plummet towards the 1.15 mark – Danske Bank
EUR/USD is bid above 1.1986
“Intraday dips are indicated to hold around 1.1965 and we look for the market to re-test 1.2210/43, the 78.6% retracement of the move seen this year and it is possible that this will provoke some profit-taking. This is seen as the last defence for 1.2349, the 2021 high.”
“It is possible that we will see some near-term consolidation around 1.2210/43.”
“Dips should find initial support at 1.2038, the near term uptrend and be contained by the 5th May low at 1.1986.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.