EUR/USD scope for a test of 1.0679 – Commerzbank

Pablo Piovano FXStreet

Axel Rudolph, Senior Technical Analyst at Commerzbank, noted EUR/USD could retest the 1.0680 area while 1.0829 still caps.

Key Quotes

“Last week’s advance is likely to fizzle out below the 1.0829 February high. As long as it caps, a slip back to the 1.0679 mid-February high may be seen this week. Further range trading seems to be on the cards. Above 1.0829 sits the 1.0851/93 area, made up of the October low, December high and the 200 day moving average”.

“A drop below the March 14 1.0600 low would neutralise the chart once more”.

“We stay overall negative below 1.0830. Only above 1.0830 would introduce scope to 1.0875 December high and the 200 day ma at 1.0896”.

Sell 47%

Buy 53%

Avg Sell Price 1.0648

Avg Buy Price 1.0631

Liquidity Distribution

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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