EUR/USD targets 1.1840 very near term – Commerzbank

In view of Axel Rudolph, Senior Analyst at Commerzbank, the pair’s upside could now re-visit the 1.1840 region in the near term.

Key Quotes

“EUR/USD’s recent decline has taken it to yesterday’s low at 1.1730 before the cross began to rise again. Today it targets the 55 day ma at 1.1840 and over the coming days the 1.1880/1.1910 early August and current October highs. Around this area the currency pair should fail again. The 1.1910 level guards the 1.2092 September high”.

“Support below the recent low at 1.1730 can be seen at key support at 1.1669/62. Failure at these August and current October lows would push the late July low at 1.1613 to the fore and also confirm a top formation. Such a move would trigger a sell-off to the mid-June high at 1.1296 and the more important 1.1110 end of May low”.

“Above 1.2092 would target the 50% retracement from the move down from the 2014 high at 1.2168 and the 1.2383 200 month ma, but if seen, that is expected to hold”.