EUR/USD now looks to 1.1005 – Commerzbank

Senior Technical Analyst at Commerzbank Axel Rudolph noted the pair’s focus has now shifted to the support line at 1.1005.

Key Quotes

“EUR/USD probes the four month support line at 1.1060 and then has the eight month support line at 1.1005 in its sights, a fall through which will put the June and July lows at 1.0952/12 on the map”.

“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 1.1172/98. Still more resistance can be seen along the 1.1253 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”.