According to Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, EUR/USD still expects to test the 1.1078/1.1110 area.
Key Quotes
“EUR/USD still targets the April and May lows as well as the three month resistance line at 1.1078/1.1110, having bounced off the September 17 low at 1.0990 above which it currently range trades”.
“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 1.1251 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″.
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