EUR/USD now re-targets 1.0820 – Commerzbank

Pablo Piovano FXStreet

In view of Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair’s recent price action prompts to start considering a re-visit of the 1.0820 area.

Key Quotes

“Friday’s EUR/USD surge higher didn’t go as far and last as long as anticipated. Its clear bearish reversal means that a top is now in place at 1.1366 and that over the coming weeks and months the March low at 1.0826 will be targeted”.

“Short term the 55- and 200-day moving averages at 1.1153/15 are back in the picture”.

“Only an unexpected rise above the 1.1366 recent high would introduce scope to 1.1416/65, the mid-April and June highs”.

	TREND INDEX	OB/OS INDEX	VOLATILY INDEX
15M	Bullish	Neutral	Low
1H	Bearish	Overbought	Low
4H	Bearish	Neutral	High
1D	Bullish	Neutral	Expanding
1W	Bearish	Neutral	Expanding
Updated Aug 29, 06:15 GMT

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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