FXStreet reports that Commerzbank analysts discuss the outlook for EUR/USD

“EUR/USD has sold off to, tested and so far held the 55-day ma at 1.2058, intraday rebounds are indicated to struggle around 1.2140. Beyond the the 55-day ma at 1.2058 we would allow for losses to extend to 1.2014 the September high and even the 1.1969 2020-2021 uptrend, which we suspect will hold the initial test. Assuming that the uptrend (1.1969) and 23.6% retracement of the move up since March 2020 (1.1945) holds; medium-term the market continues to track higher whilst targeting the 1.2556 2018 high and 1.2624.”