EUR/USD briefly overshot the 1.3894 2013 high on Friday and reached the 1.3915 level before consolidating, notes Commerzbank. "It is getting ever closer to the 1.3960 50% retracement of the sell-off from the 2008 peak, though. We will need to see a close above here on a weekly basis to confirm a break higher," CB argues. "For now the market is bid and will remain so while above the 1.3718 short term support line," CB adds. "A daily chart close above 1.4000 would be a huge change in sentiment for the Euro and lead to the 78.6% Fibonacci retracement of the move down from 2011 at 1.4320 being targeted. This represents ... (full story)