EUR/USD focused on 1.1669/62 – Commerzbank

Senior Analyst at Commerzbank Axel Rudolph sees the pair could test 1.1613 if the 1.1669/62 band is cleared.

Key Quotes

“EUR/USD’s recent decline is taking it back towards key support at 1.1669/62. Failure at these August and current October lows would push the late July low at 1.1613 to the fore and also confirm a top formation. Such a move would trigger a sell-off to the mid-June high at 1.1296 and the more important 1.1110 end of May low”.

“These levels will remain in focus while the recent minor high at 1.1880 caps”.

“The next higher early August high at 1.1911 guards the 1.2092 September high”.

“Above 1.2092 would target the 50% retracement from the move down from the 2014 high at 1.2168 and the 1.2383 200 month ma, but if seen, that is expected to hold”.