EUR/USD expected to stabilize around 1.1300 – Commerzbank

Axel Rudolph, Senior Analyst at Commerzbank, sees the pair attempting to stabilize around the 1.1300 handle.

Key Quotes

“EUR/USD slid below the 200 week moving average at 1.1359 and nears the November 2016 high at 1.1300. Around it we still expect the currency pair to at least short-term stabilize. Should a drop below the 1.1300/1.1296 November 2016 and mid-June 2017 highs be seen, however, the 61.8% Fibonacci retracement of the 2017-18 rise at 1.1187 would be next in line”.

“Good resistance comes in at the May and June lows at 1.1508/10”.

“On the topside the key level is 1.1790, the July peak, a recovery above which would target the 38.2% Fibonacci retracement at 1.1855”.