He EUR/USD It has held the initial test of the 55 day moving average at 1.2058 and the pair has recovered the 1.2100 level. At press time, EUR / USD is up 0.25% on the day, but it should be noted that intraday bounces will struggle around 1.2140, based on Commerzbank.
“The EUR / USD has been sold, tested and so far held the 55-day moving average at 1.2058, further indicating that the Intraday bounces will struggle around 1.2140“.
“Beyond the 55-day ma at 1.2058, we would allow losses to extend to 1.2014, the September high and even the uptrend of the 2020-21 uptrend at 1.1969, which we suspect will hold the initial test. “
“Assuming the uptrend (1.1969) and the 23.6% retracement of the upward movement since March 2020 (1.1945) continue; over the medium term, the market continues to rise while targeting the 2018 high of 1.2556 and 1.2624, the 200-month moving average, which remains our long-term target“.
“The loss of 1.1945 will imply a deeper liquidation towards the support of 1.1615 / 02, where is the retracement of 38.2% and the lows of September and November.”
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