Axel Rudolph, Senior Technical Analyst at Commerzbank, noted EUR/USD could extend the drop to the 1.1110 region.
Key Quotes
“EUR/USD continues to come off the 55 day moving average at 1.1243. Failure at the 1.1177 March low on a daily chart closing basis put the 1.1110 April low back on the map”.
“Be advised that as long as 1.1110 holds, though, the pattern being traced out is a potential large bullish reversal pattern”.
“Overhead lie the 55- and 100-day moving averages at 1.1243 and 1.1306 as well as the September-to-May resistance line at 1.1324. Further up meanders the 200 day moving average at 1.1392″.
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