EUR/USD upside faces strong resistance around 1.0829/89 – Commerzbank

In view of Axel Rudolph, Senior Technical Analyst at Commerzbank, EUR/USD’s upside should find a tough hurdle in the 1.0829/89 band.

Key Quotes

“The cross nears the area seen between the 1.0829 February high, the 1.0851 October low, 1.0875 December high and 1.0889 200 day moving average. In this area it is likely to stall. Should this not be the case we would have to allow for the 1.0983/1.1000 region to be reached as well before another down leg towards parity is made. This area is where the 100% Fibonacci extension of the January-to-February advance, projected from the February low, coincides with the psychological 1.1000 mark”.

“Slips should find support between the 1.0679 mid-February high and the 55 day moving average at 1.0651”.