EUR/USD set to slide towards the 1.1994/42 area – Commerzbank

EUR/USD has swiftly come off its April high at 1.2150. According to Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, the pair eyes the 1.1994/42 neighborhood.

EUR/USD saw no follow through on Friday and has since swiftly sold off
“Dips lower are indicated to be contained by the 55-day ma at 1.1967 and the 200-day ma at 1.1942.”

“Initial support sits at the 1.1994 April 22 low.”

“Above 1.2150, 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.”