EUR/USD could slip towards 1.1140 – Commerzbank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    In view of Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair could re-visit the 1.1140 area.

    Key Quotes

    EUR/USD recently charted a minor new high of 1.1465 which was not confirmed by the daily RSI”.

    “This loss of momentum at tough resistance has provoked a sharp sell off and we would allow for slippage towards the 1.1144 24th March low”.

    “Key nearby support lies at the 1.1060/58 December high and the March 16 low. This guards 2016 support line at 1.0938”.

    “Intraday rallies are indicated to terminate circa 1.1310. Nearby resistance is 1.1460/95 (mid October high). Resistance at 1.1577 is considered the last defense for the 1.1713 September high”.
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