EUR/USD could slip back to 1.1107 – Commerbank

Axel Rudolph, Senior Technical Analyst at Commerzbank, believes spot could re-test the area of the 200-day sma, today at 1.1107.

Key Quotes

“EUR/USD is coming off the 61.8% Fibonacci retracement at 1.1347. We still suspect that the market will ease back to the 1.1107 200 day ma. Above 1.1383, the June 20 high, would introduce scope to 1.1429/95, the recent high and pivot point, where it is expected to fail”.

“Initial support below the August 22 low at 1.1271 is seen along the one month support line at 1.1204, and only below here would alleviate immediate upside pressure for a slide to the 1.1107 200 day ma and the 1.0963 six month support line”.