EUR/USD: the euro is still attempting to climb on the forex (Commerzbank)

Commerzbank suggests that the EUR/USD pair is testing the 100-day moving average at 1.1444 and is now exposed and that a break above this should propel the euro towards the 200-day moving average at 1.1565.

"The EUR/USD continues to recover from the 2016-2019 uptrend line at 1.1289. We have an additional support level offered by 1.1267/70, the November and December lows. As long as the market holds here, we favour a resumption of the 1.1565 threshold of the 200-day moving average and the 1.1623 mid-October high, and in the slightly longer term we are aiming for 1.1759, the 55-week moving average.

A break below 1.1267 would cause losses to the recent low at 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 low for the market."