EUR/USD: Topside favoured - Commerzbank
|Axel Rudolph, analyst at Commerzbank, suggests that as the EUR/USD pair has reached the 55 day moving average at 1.1261 which capped, they continue to favour the topside, while the cross remains above the March and early April lows at 1.1183/77.
Key Quotes
“Unexpected failure there would put the 1.1110 April low back on the map. If seen, we would look for this to hold. Be advised that the pattern being traced out is a potential large bullish reversal pattern.”
“We have positive divergence on the weekly RSI and a Tom DeMark 13 count on the weekly chart. Overhead lie the 100 day ma at 1.1317 and the September-to-May resistance line at 1.1336. Further up meanders the 200 day moving average at 1.1399. This would have to be bettered for a bullish reversal to be confirmed.”
“Support at 1.1110 is regarded as the break down point to the 2018-2019 support line at 1.1099 and the 1.0814 78.6% Fibonacci retracement.”
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