EUR/CZK has the April low at 25.79 in its crosshairs – Commerzbank

The EUR/CZK pair still targets the April low at 25.79 below which lies the February trough at 25.64, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.

EUR/CZK remains under pressure below the 55-day moving average at 26.04

“EUR/CZK remains below the 55-day moving average, now at 26.04, and continues to have the April low at 25.79 in its sights below which lie the 25.76 February 18 low as well as the 25.64 February trough.” 

“More significant support is found at the 25.42/40 September 2018 and June 2019 lows. Much further down lie the February 2018 low at 25.12 and the February 2020 low at 24.77.” 

“Minor resistance above the 55-day moving average and the six-month resistance line at 26.04 comes in at the March 24 high at 26.35.”

“More important resistance sits between the 26.44 March high and the 26.57 mid-November and December highs. Only an unexpected daily chart close above the 26.57 high would make us change our forecast to a bullish one.”

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.

Feed news

Are you new or have been trading for a while and you feel stuck?

Try with us!Become Premium!    

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD pressured around 1.20 ahead of PMIs

EUR/USD is trading around 1.20, licking its wounds from Friday's dollar surge and despite a fresh retreat in Treasury yields. Eurozone PMIs and the US ISM Manufacturing PMIs are eyed.


GBP/USD struggles to hold onto 1.38 amid UK political uncertainties

GBP/USD has resumed its falls, trading around 1.38. Friday's dollar strength is followed by UK PM Johnson's political scandals and uncertainty around Scotland's elections later this week, which weigh on sterling. 


Gold stays firmer on the way to $1777 hurdle

Gold consolidates the latest two-day downtrend amid a quiet Asian session on Monday. That said, the yellow metal picks up bids towards refreshing the intraday high around $1,774 while flashing 0.30% gains on a day by the press time.

Gold News

Dogecoin bulls fall short, putting new highs in jeopardy

Dogecoin price is currently hovering under a critical resistance level at $0.423. A string of higher highs was followed by a potential higher low, suggesting a waning bullish momentum.

Read more

Can the Fed keep US rates in check?

The powerful US economic expansion would, in normal times, have the Treasury market shooting interest rates higher. The Fed is determined to prevent rising yields from crippling the US recovery.  How long can the central bank stave off the inevitable?

Read more