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EUR/USD last week saw a strong recovery off the 1.1994/89 band of support (mid March highs and the 22nd April low). In the view of Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, the pair is set to retest the 1.2243 February high.

EUR/USD to alleviate upside pressure below 1.1943  

“We suspect that the correction is over and look for the market to re-test 1.2210/43, the 78.6% retracement of the move seen this year and the February high and then 1.2349, the 2021 high.”

“Dips should be contained by the 55-day ma at 1.1965 and the 200-day ma at 1.1950. This is reinforced by 1.1943, the 19th April low.”