EUR/USD seen losing momentum around 1.1000 – Commerzbank

Axel Rudolph, Senior Technical Analyst at Commerzbank, believes the upside momentum in EUR/USD could run out of steam in the 1.0935/1.1000 band.

Key Quotes

“The cross has risen to between the 55 week moving average at 1.0935 and the three month resistance line at 1.0950 post the first round of the French presidential election results. Between these levels and the minor psychological 1.1000 mark we expect the currency pair to falter”.

“For our previously anticipated decline to be seen a fall below Friday’s low at 1.0683 will have to be seen, below which lies the 55 day moving average at 1.0663 and the 2017 support line at 1.0607. Failure at nearby Fibonacci support at 1.0555 should be enough to trigger weakness to the 1.0494 February low, then the 1.0340 January low. Our bias remains toppish”.