The single currency went up versus US dollar from the 1.2870 area at the beginning of January and closed last week above 1.3500. As a result, bullish pressure on the pair has significantly strengthened.

Technical analysts at Commerzbank believe that euro will keep advancing trying to reach 1.3739/89 and potentially 1.3978/1.4000.

Never the less, in the longer term the outlook for EUR/USD remains bearish as long as it’s trading below 1.4393/1.4445 (downtrend from 2008 maximum and double Fibonacci).



Chart. H4 EUR/USD

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