EUR/USD: the bullish trend is confirmed, short-term targets (Commerzbank)

In an analysis published today, Commerzbank believes that the EUR/USD situation is positive as the pair has managed to close above the 200-week moving average and above the 200-day moving average.

This should trigger an attempt on the 55-week moving average at 1.1416 and the 2019 peak of 1.1570.

"Beyond that, we aim for 1.1815/54 (June and September 2018 peaks). However, a short-term retracement in the 1.1360/25 band is possible before the increase spreads. An initial support level is identified at 1.1175."

"We consider the recent lows of 1.1110/06 to be an intermediate turning point and continue to consider the market as being bullish, and so we are targeting 1.1990.

Support at 1.1110/06 is considered a breaking point, ahead of the 2018-2019 support line at 1.1027."