EUR/USD seen stabilizing between 1.0523 and 1.0457 – Commerzbank

Axel Rudolph, Senior Technical Analyst at Commerzbank, believes the pair could attempt to stabilize between 1.0523 and 1.0457.

Key Quotes

“EUR/USD unexpectedly slipped through the 1 1/2-, 17- and 32-year uptrend lines at 1.0682/14, so far to 1.0525, close to the November 2015 low at 1.0523. Between it and the March 2015 low at 1.0457 we still expect the currency pair to stabilize short term”.

“Below the 1.0457 March 2015 low lies parity”.

“Initial resistance is seen at the 1.0658 November 22 high. Further up the March low can be seen at 1.0821 and the October low at 1.0851. Expect to see a recovery bounce over the next few days”.