EUR/USD stabilizing around 1.1000 – Commerzbank

According to Senior Technical Analyst at Commerzbank Axel Rudolph, the pair is attempting to consolidate around the 1.10 key area.

Key Quotes

“EUR/USD is trying to stabilize around the eight month support line at 1.1007, at least for a day or two. Once fallen through, the June and July lows at 1.0952/12 will be targeted, however”.

“Resistance comes in at the 1.1105/23 August, September and October 7 th lows with further resistance between the 200- and 55-day moving averages at 1.1173/94. Still more resistance can be seen along the 1.1247 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”.