EUR/USD Could Slip Towards 1.1140 – Commerzbank
In view of Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair could re-visit the 1.1140 area.
Key Quotes
“EUR/USD recently charted a minor new high of 1.1465 which was not confirmed by the daily RSI”.
“This
loss of momentum at tough resistance has provoked a sharp sell off and
we would allow for slippage towards the 1.1144 24th March low”.
“Key nearby support lies at the 1.1060/58 December high and the March 16 low. This guards 2016 support line at 1.0938”.
“Intraday
rallies are indicated to terminate circa 1.1310. Nearby resistance is
1.1460/95 (mid October high). Resistance at 1.1577 is considered the
last defense for the 1.1713 September high”.
