Commerzbank: Cautiously bullish the euro against the dollar, which is expected to rise to 1.1833...from HowlsCa

27 Jul 2020, 18:36 · Views 2,354

Commerzbank believes that the euro against the U.S. dollar maintains its upward movement performance last week, breaking through the 1.17 mark within the day to hit a new high of 1.1725 in the past two years. The market outlook is expected to test upwards to the September 2018 high of 1.1833, but there are currently multiple warning signs. It is recommended to remain cautious. However, the exchange rate is still supported. The initial upward target is the 61.8% Fibonacci retracement level of the previous decline at 1.1815 and the September 2018 high of 1.1833. After breaking through, it will point to the 200-month moving average 1.2666; on the downside, preliminary support Located at the March high of 1.1495, ideally, the downside will find support at the two-month uptrend line 1.1383.

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