The pair’s stance remains bearish while it is still targets 1.1186 for the time being, suggested Axel Rudolph, Senior Analyst at Commerzbank.
Key Quotes
“EUR/USD bounced back to the November 2016 high and August 2018 low at 1.1300/01 but remains overall bearish and continues to target the 61.8% Fibonacci retracement of the 2017-18 advance at 1.1186. Failure there will put the late May and June 2017 lows at 1.1119/10 on the cards”.
“Resistance above 1.1300/01 comes in at the 1.1346 November 5 low and also at the 1.1432 early October low as well as along the downtrend channel resistance line at 1.145. While the cross remains below the current November high at 1.1500 we will retain a medium-term bearish outlook”.
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