EUR/USD key support lies at 1.1234 – Commerzbank

Axel Rudolph, Senior Technical Analyst at Commerzbank, believes spot could test the 1.1140 area once 1.1234 has been cleared.

Key Quotes

“EUR/USD recently charted a minor new high of 1.1465 which was not confirmed by the daily RSI”.

“This loss of momentum at tough resistance has provoked a sharp sell off and we would allow for slippage towards the 1.1144 24th March low, once last week’s low at 1.1234 has been slipped through”.

“Further support lies at the 1.1060/58 December high and the March 16 low. This guards 2016 support line at 1.0943. Potential rallies are indicated to terminate between the February and mid-March highs at 1.1342/77”. 

“Further resistance is seen at the 1.1465/95 current April and October peaks”.