EUR/USD targets 1.0820 in the longer run – Commerzbank

Axel Rudolph, Senior Technical Analyst at Commerzbank, noted the pair could target the 1.0820 area in the longer term.

Key Quotes

“EUR/USD formed a significant top at 1.1366 during August and longer term targets the March low at 1.0826”.

“So far the 200 day moving average at 1.1122 has been reached”.

“Once slid through, the six month support line at 1.0970 will be in the picture, together with the June and July lows at 1.0952/12”.

“Only an unexpected rise above the 1.1366 recent high would introduce scope to 1.1416/65, the mid-April and June highs”.