EUR/USD still negative below 1.1280/85 – Commerzbank

Senior Technical Analyst at Commerzbank Axel Rudolph noted the negative stance of the pair below the 1.1280/85 band.

Key Quotes

“Last week EUR/USD dropped below the 1.1123 late August and September lows to its current October low at 1.1105. This level as well as the four and eight month support lines at 1.1059 and 1.10024 remain in focus, together with the June and July lows at 1.0952/12”.

“Resistance above the 55 day moving average at 1.1199 can be seen along the 1.1256 resistance line and also at the 1.1280/85 15th and 26th of September highs. While capped there we remain negative. Above 1.1285 lies the 1.1366 August high. Only an unexpected rise above there would introduce scope to 1.1416/65, the mid-April and June highs”.