Technical analysts at Commerzbank note that the European currency went up versus the greenback from the base of the short-term bearish channel at 1.2874. In their view, euro’s target lies in the 1.3179/95 area where the bulls are likely to fail. Then, according to the specialists, the pair EUR/USD will fall back to 1.2860/36.

The strategists claim that when markets break down from “symmetrical triangles” the rate frequently returns to point of break down and this is what’s happening now.

In case euro overcomes 1.3195, it would become able to advance to the 55-day MA at 1.3384 where the bank once again expects to see a downside reversal.

More info about FBS