EUR / USD has bounced off short-term support at 1.1994 / 89. Karen Jones, Head of the FICC Technical Analysis Research Team at Commerzbank, expects the pair to enjoy a strong rebound to retest the late April high at 1.2150.
EUR / USD may ease upward pressure if it falls below 1.1927
“The EUR / USD has been sold and has rebounded strongly from the 1.1994 / 89 support band, where are the highs of mid-March and the low of April 22 – this area is a short-term pivot.
“We suspect the correction is over and we expect the market to re-target the late April high at 1.2150.”
“The declines should be contained by the 55-day moving average at 1.1964 and the 200-day moving average at 1.1948. The 50% decline in the rally observed in April stands at 1.1927 ”.
“Above 1.2150, we are looking for gains up to 1.2210 / 43, the 78.6% retracement of the movement seen this year and the maximum of February and then 1.2349 the maximum of 2021 “.
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