EUR/USD resumes the uptrend to target March high at 1.1495 – Commerzbank

After a downside correction, the EUR/USD pair is ready to resume its uptrend targeting the last week high at 1.1422 and the 1.1495 March high, according to Commerzbank’s Karen Jones. 

Key quotes

“EUR/USD has been downside corrective recently but dips lower have held over 1.1172, the 38.2% retracement and it is well placed to resume its up move.” 

“Last week the market charted a new high at 1.1422 and this together with the March high at 1.495 represent the near-term targets. Above here 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.” 

“Initial support is the 1.1170 38.2% retracement. Below 1.1170 would allow for 1.1096, the 6-week support line, but we would look for the market to hold down here.”