EUR/USD is rebounding from trendline support at 1.2082. Kaern Jones, Team Head FICC Technical Analysis Research at Commerzbank, targets the 1.2243 February high and then the 1.2349 2021 high.
EUR/USD underpinned while above 1.1986
“EUR/USD continues to recover off the near-term uptrend at 1.2082.”
“We are unable to rule out some slippage to the 1.1994/86 band of support (mid March highs and the 22nd April low).”
“While underpinned at the 1.1994/86 band of support (mid March highs and the 22nd April low), the pair should remain steady and we look for a re-test 1.2210/43, the 78.6% retracement of the move seen this year. This is regarded as the last defence for 1.2349, the 2021 high.”
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