EUR/USD: Corrective downside to meet support at 1.1172 – Commerzbank

EUR/USD is downside corrective with the uptrend line at 1.1124 expected to hold. Contrary, last week high at 1.1422 and the 1.1495 March high are the next targets on the upside, Team Head FICC Technical Analysis Research at Commerzbank, reports.

Key quotes

“EUR/USD is downside corrective and very near-term is on the defensive. Initial support lies at 1.1172, the 38.2% retracement ahead of the one month uptrend at 1.1124, which is expected to hold the downside.” 

“Last week the market charted a new high at 1.1422 and this together with the March high at 1.1495 represent the near-term targets/quite formidable resistance and we would allow them to hold the initial test. Above here will target 1.1570, the 2019 high, then 1.1815/22, the 61.8% retracement of the move down from the 2018 peak and the 1.1862 2008-2020 resistance line.”