EUR/USD top in place at 1.1366? – Commerzbank

Axel Rudolph, Senior Technical Analyst at Commerzbank, reiterated the likeliness that the pair could have carved a top at 1.1366.

Key Quotes

“EUR/USD’s rally from the 1.1123 late August low has taken it back to the five month resistance line at 1.1313 which capped. We continue to believe that it formed a significant top at 1.1366 during August and longer term targets the seven month support line, currently at 1.0978, and also the March low at 1.0826”.

“The 200 day moving average, now at 1.1140, twice acted as support but is still expected to eventually give way”.

“Once slid through, the seven month support line at 1.0978 will be targeted next, together with the June and July lows at 1.0952/12”.