EUR/USD: Targeting the 1.0885 April 22 high – Commerzbank

EUR/USD is to further bounce off its one month low at 1.0728, in the opinion of Axel Rudolph, Senior FICC Technical Analyst at Commerzbank.

Key quotes

“EUR/USD is expected to recover from last week’s low at 1.0728 and still targets the 1.0885 April 22 high.” 

“Once bettered the 55-day moving average at 1.0947 and April 15 high at 1.0994 will be back in the frame.”

“Currently, an unexpected failure at 1.0728 on a daily chart closing basis would target the 1.0636 March low and then1.0340, the 2017 low.”