EUR/USD could slip towards 1.1140 – Commerzbank

In view of Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair could re-visit the 1.1140 area.

Key Quotes

“EUR/USD recently charted a minor new high of 1.1465 which was not confirmed by the daily RSI”.

“This loss of momentum at tough resistance has provoked a sharp sell off and we would allow for slippage towards the 1.1144 24th March low”.

“Key nearby support lies at the 1.1060/58 December high and the March 16 low. This guards 2016 support line at 1.0938”.

“Intraday rallies are indicated to terminate circa 1.1310. Nearby resistance is 1.1460/95 (mid October high). Resistance at 1.1577 is considered the last defense for the 1.1713 September high”.