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Axel Rudolph, analyst at Commerzbank, notes that EUR/USD has recovered from the 2016-2019 uptrend at 1.1315 last week and we have additional support offered by the 1.1267/70 November and December lows.

Key Quotes

“Provided that the market holds here we favour a recovery to the 1.1540 200 day ma and the 1.1623 mid October high and slightly longer term we target 1.1723, the 55 week ma.”

“Failure at 1.1267 will trigger losses to the 1.1216 recent low and the 61.8% Fibonacci retracement of the 2017-18 advance at 1.1186. Please note that we continue to regard the 1.1216 recent low as an interim low for the market.”