EUR/USD: US dollar weakness is evident – Commerzbank

EUR/USD touched and then bounced off the near-term support line at 1.0769 last week. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, analyzes the EUR/USD technical picture.

Key quotes

“We may see a recovery to the top of the range at 1.0988. This latter level will be reinforced by the 200-day ma at 1.1027 currently. The market is side lined, but bid in its range near-term and we look for a rally to the top of this range.” 

“Below 1.0769 will target the 1.0727 24th April low and potentially the 1.0636 March low and the 1.0340 2017 low.”