EUR/USD: Attention is now on 1.2014 – Commerzbank

Pablo Piovano FXStreet

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.”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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