EUR/USD is bouncing off its near-term uptrend and analysts at Commerzbank favour recovery in the range.
Key quotes
“EUR/USD has again tested and is currently holding the near-term support line at 1.0773.”
“We should see a recovery to the top of the range at 1.0983. This latter level will be reinforced by the 200-day ma at 1.1025 currently. The market is side lined, but capable of recovery.”
“Below 1.0773 will target the 1.0727 24th April low and potentially the 1.0636 March low and the 1.0340 2017 low.”
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