The US dollar continues to recover as the pair EUR/USD It has eroded the 1.2042 uptrend. Karen Jones, Head of the FICC Technical Analysis Research Team at Commerzbank, notes that the world’s most popular currency pair now heading to the 1.1945 level.
“The EUR / USD has eroded the 1.2042 uptrend and the focus has fallen to the September high at 1.2014. This zone is now exposed, it protects the key short-term support, which is at 1.1945, which is the 23.6% retracement of the move to the upside since March 2020. “
“A close below 1.1945 is needed to imply a deeper sell-off at 1.1750 and possibly the 1.1695 / 02 support, which is the 38.2% retracement and the September and November lows. It would also represent a return to the breaking point of the previous 12-year downtrend. “
“The rallies will now find a initial resistance at 1.2085 / 1.2135 ahead of 1.2243, the highest for the last week. “
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