EUR / USD has been under pressure as the dollar benefits from safe haven flows. The uptrend support at 1.2038 should offer initial support, with the pair then moving higher for a test of the February high of 1.2243, as reported by Commerzbank.
EUR / USD is offered above 1.1986
“Intraday declines are indicated to remain around 1.1965 and we expect the market to retest 1.2210 / 43, the 78.6% retracement of the move seen this year and this may trigger some profit taking. This is seen as the last defense for 1.2349, the maximum of 2021 ”.
“It is We may see a short term consolidation around 1.2210 / 43“.
“The falls should find initial support at 1.2038, the short-term uptrend and be contained by the May 5 low of 1.1986 “.
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