Karen Jones, Head of the FICC Technical Analysis Research Team at Commerzbank, maintains a bullish bias on the EUR / USD pair and expects it to test the 2021 highs, near 1.2349.
Key Comments:
“EUR / USD tested again and held below 1.2243, the February high, twice last week. The daily RSI has diverged and attention has returned to the short-term uptrend at 1.2128. Above 1.2243 points to 1.2349, 2021 high“.
“Our longer term goal is 1.2556 / 1.2619, the 2018 high, the 200-month moving average and the 55-quarter SMA. “
“Below the uptrend support, we would see some slippage towards the 1.1994 / 86 support band (mid-March highs and April 22 lows). Key support is 1.1865 (2020-2021 uptrend) “.
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