EUR/USD risks a test of 1.1688 – Commerzbank

Senior Technical Analyst at Commerzbank Axel Rudolph believes the pair could attempt another visit to the 1.1688 level.

Key Quotes

“Yesterday EUR/USD ran out of steam around the 1.1850 level. While it and the current August high at 1.1910 cap, a slide back below last week’s low at 1.1688 is on the cards. Failure there will put the late July low at 1.1612 and also the five month uptrend line at 1.1554 back on the map. While above here, there is scope for further gains, though”.

“Resistance above the 1.1910 recent high lies at 1.2042, the 2012 low, then 1.2168, the 50% retracement from the move down from the 2014 high”.

“Failure at the five month uptrend line will trigger losses to the mid-June high at 1.1296 and the more important 1.1110 end of May low”.