EUR/USD still targets 1.1100 – Commerzbank

Axel Rudolph, Senior Technical Analyst at Commerzbank, noted the pair could re-visit 1.1110 as long as it trades below 1.1366.

Key Quotes

“EUR/USD is about to hit the early August high at 1.1234 and the one month support line at 1.1216”.

“While it is trading below the current August high at 1.1366 we will believe that the market will ease back to the 1.1110 200 day ma. Above 1.1383, the June 20 high, would introduce scope to 1.1429/95, the recent high and pivot point, where it is expected to fail”.

“A drop below the support line at 1.1216 would increase the odds of a slide towards the 1.1110 200 day ma and the 1.0964 six month support line being seen”.