Wednesday, July 27, 2011

Commerzbank: bullish outlook for EUR/USD

The single currency is consolidating in the 1.4500 area versus the greenback.

Technical analysts at Commerzbank note that as long as EUR/USD is trading above the short-term uptrend line at 1.4324, the outlook for it will remain bullish.

According to the specialists, the pair will be trying to retest 1.4580 (July 4 maximum) and 1.4694/1.4704 (June maximum and 78.6% retracement of the decline from May highs).

daily eurusd 12-07
Chart. Daily EUR/USD

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