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EUR/USD last week eroded the near-term downtrend and the 1.0885 April 22 high, analysts at Commerzbank report.

Key quotes

“The market is bid near-term and gas rallied towards the 200-day ma at 1.1034, where the pair has paused for now. Above here lies 1.1148/67, the end of March high and the 61.8% Fibonacci retracement. Only above here would the December high at 1.1240 to be back in play. 

“Near-term dips should find that the previous downtrend now offers support at 1.0840.” 

“The market will stay bid above the 1.0727 24th April low.”