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Commerzbank: comments on EUR/USD

The single currency didn't manage to overcome the 1.3715 level on Friday on its way to February 9 maximum at 1.3745. Technical analysts at Commerzbank note that as long as the pair EUR/USD trades below this maximum, it will remain under bearish pressure.

According to the specialists, euro will be poised down to the 1.3396/61 area limited by the 55-day MA and the 50% retracement of the move seen this year.

If EUR/USD climbs above 1.3745, it will rise to resistance line connecting the maximums of November and January at 1.3770 and the recent maximum at 1.3862.