EUR/USD to slide to 1.1750 on a break below the recent 1.1835/31 low – Commerzbank
|EUR/USD has eroded the 200-day moving average at 1.1858 as the dollar pushes higher. According to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, the pair is set to remain under pressure below 1.2014.
Key quotes
“EUR/USD came under pressure on Tuesday and the market has eroded the 200-day ma at 1.1858 and sits on the short-term pivot at 1.1835/31 (recent low). Failure here will target 1.1750 and the 1.1695/02 support, this is the 38.2% retracement and the September and November lows.”
“Initial resistance above 1.1990/1.2014, lies at 1.2115, the 3rd March high ahead of 1.2243, the February high.”
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.