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At press time, EUR/USD is trading at 1.1228, representing a 0.05% decline on the day as the pair again slips back to the 1.1172 Fibonacci support. However, Commerzbank’s Karen Jones expects the currency pair to recover from there and targets initially the March high at 1.1495.

Key quotes

“EUR/USD is easing back to the 38.2% retracement at 1.1172 and ideally, we will see the market hold and recover from here.” 

“Our bias is bullish and we target key resistance at the 1.1422 recent high and this, together with the March high at 1.1495, represent quite formidable resistance and we would allow them to hold the initial test.”

“A break higher is eventually favoured and above the March high at 1.1495 will target 1.1570, the 2019 high, then 1.1815/22, the 61.8% retracement of the move down from the 2018 peak and the 1.1862 2008-2020 resistance line.”