EUR / USD saw a strong rally from the 1.1994 / 89 support band (mid-March highs and April 22 lows) last week. In the opinion of Karen Jones, Head of the FICC technical analysis research team at Commerzbank, was expect the pair to retest the February high of 1.2243.
EUR / USD will only ease upward pressure below 1.1943
“We suspect the correction is over and we expect the market to retest 1.2210 / 43, the 78.6% retracement of the move seen this year and the February high and then 1.2349, the 2021 high.”
“The declines should be contained by the 55-day moving average at 1.1965 and the 200-day moving average at 1.1950. This is reinforced by the level 1.1943, the low of April 19 “.
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
