EUR/USD has the November 11 low at 1.1745 in its sights – Commerzbank

EUR/USD slips towards the November 11 low at 1.1745 as the pair looks for a slide into the 1.1695/00 band, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, briefs.

Key quotes

“EUR/USD has the November 11 low at 1.1745 in its sights while on the way to the 1.1695 to 1.1600 band. This represents the 38.2% retracement of the move up from 2020 at 1.1695, the 55-week ma at 1.1642 and the previous 2008-2020 downtrend which is located at 1.1600. Longer term, we will be looking for reversal in this zone.” 

“Rallies will find initial resistance at the 200-day ma at 1.1867 and the near-term downtrend at 1.1870. This guards the more important 1.1990/1.2014 pivot.”