EUR/USD: Range trading – Commerzbank
Axel Rudolph, analyst at Commerzbank, points out that over the past few days EUR/USD reached the April and May lows as well as the three month resistance line at 1.1099/1.1110 which capped as expected.
Key Quotes
“Further range trading within last week’s extremes at 1.0927/1.1109 is to be seen. Only a daily chart close above the August 26 high at 1.1164 would confirm a bottoming formation and put the 200 day ma at 1.1257 back on the cards.”
“Support below the recent lows at 1.0927/26 comes in at the June 2016 low and the March 2017 high at 1.0912/07.”
“Failure at 1.0927/26 would negate our bullish outlook and put the January 2017 low at 1.0829 and the 78.6% Fibonacci retracement of the 2017-2018 advance at 1.0814 on the map.”
Author
Sandeep Kanihama
FXStreet Contributor
Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.
