EUR/USD Faces Support Around 1.1140 – Commerzbank
Axel Rudolph, Senior Technical Analyst at Commerzbank, noted the relevant support levels for the pair.
“Last week EUR/USD failed at 1.1400 as expected and this week reached the previous April low at 1.1234 and nearly the 55 day ma at 1.1194”.
“Below it lurks the 1.1144 24th March low with still further support coming in at the 1.1060/58 December high and the March 16 low. This guards the 2016 support line at 1.0960”.
“Strong resistance above last week’s high at 1.1399 remains to be seen at the 1.1465/95 current April and October peaks which we do not expect to be overcome”.