EUR/USD next target appears in the mid-1.0900s – Commerzbank

According to Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair faces the next relevant support in the 1.0952/12 band.

Key Quotes

“EUR/USD dropped all the way to the eight month support line at 1.1006 where it is likely to short term stabilize. Once fallen through, the June and July lows at 1.0952/12 will be targeted”.

“Resistance now comes in at the 1.1105/23 August, September and October 7 th lows with further resistance coming in between the 200- and 55-day moving averages at 1.1172/96. Still more resistance can be seen along the 1.1249 resistance line and also at the 1.1280/85 15th and 26th of September highs. While capped there we remain negative. Above 1.1285 lies the 1.1366 August high. Only an unexpected rise above there would introduce scope to 1.1416/65, the mid-April and June highs”.