EUR/USD continues hovering around 1.17 and is set to the mid-October low at 1.1689 below which is 1.1641/02, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, briefs.
See: EUR/USD to tank towards 1.16 as Europe set to maintain tighter restrictions for longer – MUFG
EUR/USD to find initial resistance at the 1.1819 downtrend
“EUR/USD still has the mid-October low at 1.1689 in its sights. Further down beckons the 1.1641/02 zone, made up of the 55 week ma and the September and November lows.”
“Longer-term, we will be looking for reversal in the 1.1600 zone.”
“Rallies should find initial resistance along the one-month downtrend line at 1.1819 and also along the 200-day ma at 1.1873. This guards the more important 1.1990/1.2014 pivot.”
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