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Commerzbank: bearish EUR/USD forecast
Technical analysts at Commerzbank note that the single currency found itself under severe negative pressure versus the greenback yesterday.
The specialists underline that EUR/USD has so far closed below the major support represented by the 2010-2011 uptrend, the 55-week MA, the July minimum, the 200-week MA and the 200-day MA.
In their view, the pair is poised down to $1.3428/10 (February minimum and 50% retracement of the advance made in 2010-2011) and then to $1.2860 (2010 minimum).
As for the longer term, the bank keeps its target at $1.2000.