EUR/USD neutral near term – Commerzbank

Axel Rudolph, Senior Technical Analyst at Commerzbank, noted EUR/USD keeps its neutral outlook in the near term.

Key Quotes

“The cross has risen close to the 55 week moving average at 1.0935 and the three month resistance line at 1.0948 post the first round of the French presidential election results. Between these levels and the minor psychological 1.1000 mark we expect the currency pair to falter”.

“For our previously anticipated decline to be seen a fall below Friday’s low at 1.0683 will have to be seen, below which lies the 55 day moving average at 1.0660 and the 2017 support line at 1.0603. Failure at nearby Fibonacci support at 1.0555 should be enough to trigger weakness to the 1.0494 February low, then the 1.0340 January low. Our bias remains toppish”.