EUR/USD upside pressure alleviated below 1.1508 – Commerzbank

Senior Analyst at Commerzbank Axel Rudolph noted the pair’s upside pressure should be mitigated on a drop below 1.1508.

Key Quotes

“EUR/USD briefly shot up to 1.1815 before dipping back below its July high at 1.1790. The 1.1790/1.1803 resistance area is to cap again today. A close above 1.1803 would trigger a move to the 1.1853 midJune high and the 1.1904 55 week ma. Directly above here lies the 200 day ma at 1.1947 and we would allow for some profit taking there. We continue to view the August low at 1.1301 as a significant turn for the market”.

“Minor support comes in at the 1.1750/34 late July and August highs. The market stays bid above the 1.1637 near term support line”.

“The cross will need to drop sub 1.1508 to alleviate immediate upside pressure”.