EUR/USD set to break below the November 11 low at 1.1745 – Commerzbank

The EUR/USD pair remains close to the November 11 low at 1.1745 as it is falling towards 1.1750 amid surging US Treasury yields. Axel Rudolph, Senior FICC Technical Analyst at Commerzbank,  is looking for a slide into the 1.1695/00 band.

Key quotes

“EUR/USD still 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 1.1869 and the near-term downtrend at 1.1853. This guards the more important 1.1990/1.2014 pivot.”