EUR/COP: While below the 4300 December high targets the 4087/4004 area – Commerzbank
|Once current consolidation has run its course, as EUR/COP trades between 4300 and 4144, the December high and December low respectively, the pair should eye the June 2020 low at 4004, according to Commerzbank’s Axel Rudolph.
Key quotes
“EUR/COP has been consolidating below the December high at 4300 over the past month or so and is currently slipping back towards the December and current January lows at 4161/4144. Once slipped through, the July low at 4087 will be back in sight, together with the June low at 4004. Around the 4000 mark the currency pair is likely to then stabilise once more.”
“If an unexpected bullish reversal were to be seen and a rise above the December high at 4300 ensue, we would turn bullish and target the 4350 late November high and also the 4487 late October low. This is not our preferred scenario, however, and instead we believe that further downside remains in store.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.