EUR/USD to see a rebound towards the 1.18 mark – Commerzbank

EUR/USD has recaptured the 1.17 level. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, is looking for strength on the pair in the near-term.

Scope for the 200-week ma at 1.1575

“EUR/USD’s low of 1.1665 was not confirmed by the daily RSI and we would allow for some minor consolidation ahead of losses to 1.1602, the November 2020 low and the 200-week ma lies at 1.1575.”

“Rallies should find decent resistance at last weeks high of 1.1804 and will ideally be contained by the short term downtrend also at 1.1796 for a negative bias to remain entrenched.”

“Below 1.1575 would introduce scope to the 1.1453 location of the previous 2008-2020 downtrend.”