EUR/USD: US dollar weakness is evident – Commerzbank

FXStreet Team FXStreet

EUR/USD touched and then bounced off the near-term support line at 1.0769 last week. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, analyzes the EUR/USD technical picture.

Key quotes

“We may see a recovery to the top of the range at 1.0988. This latter level will be reinforced by the 200-day ma at 1.1027 currently. The market is side lined, but bid in its range near-term and we look for a rally to the top of this range.”

“Below 1.0769 will target the 1.0727 24th April low and potentially the 1.0636 March low and the 1.0340 2017 low.”

Author

FXStreet Team

FXStreet

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