EUR/USD targets the 1.2243 February high – Commerzbank

The EUR/USD pair has eroded the 1.1990/1.2014 pivot to reassert the up move as theUS Dollar drops sharply lower, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

EUR/USD is bid above 1.1885

“EUR/USD has at last eroded the 1.1990/1.2014 pivot, and attention has reverted to the topside and initial resistance is the March 3 high at 1.2115, ahead of 1.2243, the February high. 

“The Elliott wave count is suggesting dips lower are likely to remain fairly tepid and hold around 1.1890.” 

“This move adds weight to the idea that the market has resumed its longer term bull trend against the dollar.”