EUR/USD: Market remains underpinned by its 2016-2019 uptrend – Commerzbank

Axel Rudolph, analyst at Commerzbank, notes that EUR/USD has recovered from the 2016-2019 uptrend at 1.1315 last week and we have additional support offered by the 1.1267/70 November and December lows.

Key Quotes

“Provided that the market holds here we favour a recovery to the 1.1540 200 day ma and the 1.1623 mid October high and slightly longer term we target 1.1723, the 55 week ma.”

“Failure at 1.1267 will trigger losses to the 1.1216 recent low and the 61.8% Fibonacci retracement of the 2017-18 advance at 1.1186. Please note that we continue to regard the 1.1216 recent low as an interim low for the market.”