EUR/USD points to a retest – 1.1128 – Commerzbank

According to Senior Technical Analyst at Commerzbank Axel Rudolph, the pair remains poised for another visit to the 200-day sma at 1.1128.

Key Quotes

“EUR/USD formed a significant top at 1.1366 during August and longer term targets the March low at 1.0826”.

“So far the 200 day moving average at 1.1128 has been reached and acted as support. This week it is back in the picture, though”.

“Once slid through, the six month support line at 1.0973 will be targeted next, together with the June and July lows at 1.0952/12”.

“Only an unexpected rise above the 1.1366 recent high would introduce scope to 1.1416/65, the mid-April and June highs. Minor resistance below these levels comes in at Friday’s 1.1255 high”.