EUR/USD now looks to 1.1508/10 – Commerzbank

According to Axel Rudolph, Senior Analyst at Commerzbank, the pair could now test the 1.15008/10 band.

Key Quotes

“EUR/USD’s bounce off the November 2016 high at 1.1300 has further to run and targets the May and June lows at 1.1508/10”.

‘Should a drop and daily chart close below the 1.1300/1.1296 November 2016 and mid-June 2017 highs be seen, however, the 61.8% Fibonacci retracement of the 2017-18 rise at 1.1187 would be targeted”.

“On the topside the key level is 1.1790, the July peak, a recovery above which would target the 38.2% Fibonacci retracement at 1.1855”.