EUR/USD Faces Support Around 1.1140 – Commerzbank
Axel Rudolph, Senior Technical Analyst at Commerzbank, noted the relevant support levels for the pair.
Key Quotes
“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”.
