EUR/USD: Uptrend at 1.2038 provides support – Commerzbank

EUR/USD has been under pressure as the dollar benefits from safe-haven flows. Uptrend support at 1.2038 should offer initial support, with the pair then moving back higher for a test of the 1.2243 February high, as reported by Commerzbank.

See: EUR/USD set to plummet towards the 1.15 mark – Danske Bank

EUR/USD is bid above 1.1986

“Intraday dips are indicated to hold around 1.1965 and we look for the market to re-test 1.2210/43, the 78.6% retracement of the move seen this year and it is possible that this will provoke some profit-taking. This is seen as the last defence for 1.2349, the 2021 high.” 

“It is possible that we will see some near-term consolidation around 1.2210/43.” 

“Dips should find initial support at 1.2038, the near term uptrend and be contained by the 5th May low at 1.1986.”