EUR/USD set to climb towards the 2021 high at 1.2349 – Commerzbank

EUR/USD hit the highest since March above 1.2120 on Thursday. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the world's most popular currency pair to rise towards the 1.2210/43 zone. 

EUR/USD is bid above 1.1990

“EUR/USD closed just above the March 3rd high at 1.2115 yesterday, the market stays immediately bid while above the 1.1990 11th March high.” 

“We look for gains to 1.2210/43, the 78.6% retracement of the move seen this year and the February high and then 1.2349 the 2021 high.” 

“Dips lower are indicated to remain shallow and should be contained by 1.2070/30.” 

“The 55-day ma at 1.1970 and the 200-day ma at 1.1941 offer additional support.”