EUR/USD: the euro remains supported by the 2016-2019 trendline (Commerzbank)

Commerzbank analysts note that the EUR/USD rebounded from the 2016-2019 uptrend line to 1.1315 last week, and that we have additional support thanks to the lows hit at 1.1267/70 in November and December.

"If the market holds up, we are in favour of a resumption of the 1.1540 threshold created by the 200-day moving average and the mid-October high of 1.1623. In the slightly longer-term, we are aiming for 1,1723, 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."