The advance of the single currency versus the greenback from January 10 minimum at 1.2870 was limited by the 61.8% Fibonacci retracement of the decline from November to January at 1.3760 and the pair EUR/USD retreated to 1.3570.

Technical analysts at Commerzbank expect euro to lose more lowering to support in the 1.3500/1.3316 area (December maximum and 55-day MA). Then the European currency may make one more attempt to strengthen, say the specialists.

According to Commerzbank, if EUR/USD overcomes November 22 maximum at 1.3789 it will be able to climb to 1.3978/1.4000.



Chart. H4 EUR/USD

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