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In spite of the recent price action, the bull trend in EUR/USD is seen unchanged in the medium-term, noted Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.

Key Quotes

EUR/USD came under downside pressure yesterday. It has eroded the 55 day ma and attention has dropped to 1.2014 the September high and the 1.2003 2020-2021 uptrend, which we suspect will hold.”

“Assuming that the uptrend (1.2003) and 23.6% retracement of the move up since March 2020 (1.1945) holds; medium-term the bull trend remains intact and targets the 1.2556 2018 high and 1.2624, the 200 month moving average, which remains our longer term target.”