EUR/USD faces minor resistance around 1.1374/88 – Commerzbank

Axel Rudolph, Senior FICC Technical Analyst at Commerzbank gives his view on EUR/USD.

Key Quotes

“Last week EUR/USD bounced off the October and December 2019 highs at 1.1240/1.1180 as expected above which it is to remain over the next few days. Minor resistance can be spotted between the 1.1374/88 November 18 high and 20 day ma. Further up tough resistance comes in at the 1.1594 5-month downtrend and while capped there, the overall bias remains negative.”

“Below 1.1160 (TD support) would target 1.1000, the 78.6% retracement of the move seen in 2020.”