EUR/USD: extra gains seen above 1.1164 – Commerzbank

Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, sees the pair could target the key 200-day SMA on a close above 1.1164.

Key Quotes

“EUR/USD reached the April and May lows as well as the three month resistance line at 1.1101/10 which capped as expected”.

“Only a daily chart close above the August 26 high at 1.1164 would confirm a bottoming formation and put the 200 day ma at 1.1259 back on the cards”.

“Support below the recent lows at 1.0927/26 comes in at the June 2016 low and the March 2017 high at 1.0912/07”.