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- EUR/USD set to challenge a support line at 1.1424 – Commerzbank
EUR/USD set to challenge a support line at 1.1424 – Commerzbank
EUR/USD failed to stage a convincing rebound on Thursday and stays on the back foot ahead of the weekend. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, notes that the pair is approaching a four-month support line at 1.1424 and could slide to the 1.1366 mark.
Negative bias below the five-month downtrend at 1.1655
“EUR/USD remains under pressure following its break into new lows for the year and will stay directly offered below the 1.1655 five-month downtrend.”
“We have a support line, which connects a number of lows since July, and this comes in at 1.1424 today. There is scope for the previous downtrend (from 2008) which is now located at 1.1366 and should act as strong support, we look for this to hold.”
“Below 1.1366 would target 1.1290 then 1.10, the 61.8% and 78.6% retracement of the move seen in 2020.”
See: EUR/USD to sink towards 1.10 in 2022 as laggard ECB dampens euro sentiment – CIBC
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