EUR/USD has held below the February high twice now – Commerzbank

Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank maintained a bullish bias on the EUR/USD pair and expects it to test 2021 swing highs, near the 1.2349.

Key Quotes

“EUR/USD again tested and held below 1.2243, the February high, twice last week. The daily RSI has diverged and attention has reverted to the near term uptrend at 1.2128. Above 1.2243 targets 1.2349, 2021 high.”

“Our longer-term target is 1.2556/1.2619, the 2018 high, the 200-month moving average and the 55-quarter ma.”

“Below the uptrend, we would allow for some slippage to the 1.1994/86 band of support (mid-March highs and the 22nd April low). Key support is 1.1865 (2020-2021 uptrend).”