EUR/USD now focused on 1.0952/12 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis Research at Commerzbank, the pair’s attention has now shifted to the 1.0952/12 band.

Key Quotes

EUR/USD has eroded the eight month support line at 1.1007, and in doing so targets the June and July lows at 1.0952/12. Fridays price action was an outside day to the downside and we do not think these lows will hold either. Below here we target the 1.0682 32 year support line. We note the 13 count on the 60 minute chart and would allow for a tiny rebound ahead of further losses”.

“Resistance comes in at the 1.1105/23 August, September and October 7 th lows with further resistance between the 200- and 55-day moving averages at 1.1173/90. Still more resistance can be seen along the 1.1243 resistance line and also at the 1.1280/85 15th and 26th of September highs. While capped there we remain negative”.

 

 

    1. R3 1.0981
    2. R2 1.0978
    3. R1 1.0973
  1. PP 1.0969
    1. S1 1.0964
    2. S2 1.0960
    3. S3 1.0955

 

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