Commerzbank opens new horizons for Euro-rally

According to Karen Jones, head of technical analysis at Commerzbank, the euro will grow as long as it remains above the trend line at around 1.1880. “EUR / USD is trading above its uptrend, which today is at the level of 1.1881. Euro tested a recent high of 1.2070. Fastening above 1.2070 opens the way to a 50% Fibonacci retracement level from a fall from the 2014 high at 1.2168. If the break above the specified mark, on a longer time horizon, there is an opportunity to rise to 1.2372, a 200-month moving average, but this level is expected to remain.
Only a close below the uptrend will soften the current pressure upward and open the way to a decline to a 5-month uptrend at 1.1775. The breakthrough of the five-month line of the upward trend will cause losses to the high of mid-June at around 1.1296 and more important low May 1.1110, “the expert wrote.

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