EUR/USD negative below 1.1280/85 – Commerzbank

Axel Rudoph, Senior Technical Analyst at Commerzbank, noted the pair’s stance remains negative below the 1.1280/85 band.

Key Quotes

“Last week EUR/USD dropped below the 1.1123 late August and September lows with the four and eight month support lines at 1.1057 and 1.1002 being in focus, together with the June and July lows at 1.0952/12”.

“Resistance can be seen along the 55 day moving average at 1.1198. Further resistance comes in along the 1.1259 resistance line and can also be seen at the 1.1280/85 15th and 26th of September highs. While capped here 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”.