EUR/USD: bias stays toppish – Commerzbank

In view of Senior Technical Analyst at Commerzbank Axel Rudolph, a drop below 1.0683 is needed to allow further pullbacks.

Key Quotes

“The three month resistance line at 1.0957 capped EUR/USD as expected with the 200 day moving average at 1.0836 still being in focus”.

“For a decline to be seen a fall below Friday’s low at 1.0683 will have to unfold, below which lies the 55 day moving average at 1.0676 and the 2017 support line at 1.0617. Failure at nearby Fibonacci support at 1.0555 should be enough to trigger weakness to the 1.0494 February low, then the 1.0340 January low. Our bias remains toppish”.

“A close above the three month resistance line at 1.0957 would put the January 2015 low at 1.1098 on the agenda”.