EUR/USD set to sink towards the 1.1395 mark – Commerzbank

FXStreet Insights Team FXStreet

EUR/USD registered losses for the fifth straight week and stays relatively quiet below 1.1600 at the start of the week. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to fall towards 1.1492/95 with the next key support located at 1.1395.

See: EUR/USD to drop towards the 1.15 level sooner than expected – Rabobank

RSI has diverged

“EUR/USD slowly continued to grind lower last week and we would allow for further weakness to the 50% retracement of the move from 2020 and the March 2020 high at 1.1492/95 but the next key support of note is going to be the previous downtrend (from 2008) which is now located at 1.1395.”

“We note that the new low has yet to be confirmed by the daily RSI and that suggests some caution.”

“Intraday rallies will find an accelerated downtrend at 1.1659, but key nearby resistance is the 1.1777 three-month downtrend.”

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FXStreet Insights Team

FXStreet

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