EUR/USD to slip towards the March low at 1.1704 – Commerzbank

EUR/USD fell to minor support at 1.1836/24, neutralizing the bullish view of economists at Commerzbank. Looking ahead, the pair may target the 1.1704 March low.

Bullish bias neutralized

“EUR/USD fell through the 2020-2021 uptrend line at 1.1927 to the March 9 low and the 78.6% Fibonacci retracement at 1.1836/24, making us question our longer-term bullish view. Further down the April 5 low sits at 1.1738 and the March low can be spotted at 1.1704.” 

“Minor resistance above the February low at 1.1952 can be seen along the 200-day moving average at 1.1996 and then also at the 1.2052 mid-May low and the 55-day moving average at 1.2083.”