- Analytics
- News and Tools
- Market News
- EUR/USD: Bottoming formation yet to be confirmed – Commerzbank
EUR/USD: Bottoming formation yet to be confirmed – Commerzbank
Axel Rudolph, analyst at Commerzbank, suggests that EUR/USD pair is still targeting the April and May lows as well as the three month resistance line at 1.1089/1.1110, having bounced off the September 17 low at 1.0990.
“Only a daily chart close above the August 26 high at 1.1164 would confirm a bottoming formation and put the 200 day ma at 1.1254 back on the cards. Support below the recent lows at 1.0927/26 comes in at the June 2016 low and the March 2017 high at 1.0912/07. Failure at 1.0927/26 would negate our bullish outlook and put the January 2017 low at 1.0829 and the 78.6% Fibonacci retracement of the 2017-2018 advance at 1.0814 on the map.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
