The European currency rose yesterday from support at 1.3570 (50% Fibonacci retracement of the decline from November to January) getting back to the 1.3760 area (61.8% Fibonacci retracement of the same move).

Technical analysts at Commerzbank note that above 1.3759 the pair EUR/USD will be poised higher to 1.3789 (maximum of the end of November) and 1.3978/1.4000 (78.6% retracement and psychological resistance).

According to the bank, as long as the single currency’s trading above 1.3571 the short term outlook will remain bullish. Otherwise, euro will drop to 1.3500/1.3318 (December maximum and 55-day MA).



Chart. H4 EUR/USD

More info about FBS