The EUR/CZK pair still targets the April low at 25.79 below which lies the February trough at 25.64, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.
EUR/CZK remains under pressure below the 55-day moving average at 26.04
“EUR/CZK remains below the 55-day moving average, now at 26.04, and continues to have the April low at 25.79 in its sights below which lie the 25.76 February 18 low as well as the 25.64 February trough.”
“More significant support is found at the 25.42/40 September 2018 and June 2019 lows. Much further down lie the February 2018 low at 25.12 and the February 2020 low at 24.77.”
“Minor resistance above the 55-day moving average and the six-month resistance line at 26.04 comes in at the March 24 high at 26.35.”
“More important resistance sits between the 26.44 March high and the 26.57 mid-November and December highs. Only an unexpected daily chart close above the 26.57 high would make us change our forecast to a bullish one.”
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