EUR/USD risks a test of 1.0820 – Commerzbank

Axel Rudolph, Senior Technical Analyst at Commerzbank, sees the likeliness of the pair slipping towards the 1.0820 area in the next weeks/months.

Key Quotes

“We believe that EUR/USD formed a significant top at 1.1366 during August and that that over the coming weeks and months the March low at 1.0826 will be targeted”.

“The 55 day moving average at 1.1152 has so far been hit with the 200 day moving average at 1.1117 not being far off”.

“Once slid through, the six month support line at 1.0968 will be in the frame, together with the June and July lows at 1.0952/12”.