EUR/USD: Bull trend remains in place – Commerzbank

Pablo Piovano FXStreet

In spite of the recent price action, the bull trend in EUR/USD is seen unchanged in the medium-term, noted Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.

Key Quotes

“EUR/USD came under downside pressure yesterday. It has 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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