Home EUR/USD: Bottoming formation? – Commerzbank
FXStreet News

EUR/USD: Bottoming formation? – Commerzbank

Axel Rudolph, analyst at Commerzbank, suggests that EUR/USD pair once again targets the April and May lows as well as the three month resistance line at 1.1094/1.1110, having bounced off yesterday’s low at 1.0990.

Key Quotes

“Only a daily chart close above the August 26 high at 1.1164 would confirm a bottoming formation and put the 200 day ma at 1.1256 back on the cards. Support below the recent lows at 1.0927/26 comes in at the June 2016 low and the March 2017 high at 1.0912/07.”

“Failure at 1.0927/26 would negate our bullish outlook and put the January 2017 low at 1.0829 and the 78.6% Fibonacci retracement of the 2017-2018 advance at 1.0814 on the map.”

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.