Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, sees the pair could target the key 200-day SMA on a close above 1.1164.
Key Quotes
“EUR/USD reached the April and May lows as well as the three month resistance line at 1.1101/10 which capped as expected”.
“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 1.1259 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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