EUR/USD: the euro continues to rebound off of its trendline (Commerzbank)

Commerzbank points out that the EUR/USD continues to rise from its 2016-2019 uptrend line to 1.1289 and enjoys additional support from the lows reached at 1.1267/70 in November and December.

"To the extent that the market holds up, we favour a resumption of the 1.1569 threshold to the 200-day moving average and the mid-October high of 1.1623, and in the slightly longer term we're aiming for 1.1759, the 55-week moving average. Short-term rallies will have to regain the 1.446 mark of the 100-day moving average before refocusing on a rise. Support levels at 1.1267 and 1.1216 should remain solid.

A break below 1.1267 would cause losses to the recent low of 1.1216 and the 61.8% Fibonacci retracement of the 2017-18 hike at 1.1186. Please note that we continue to consider the recent low of 1.1216 as an intermediate market low."