EUR/USD to post a small rebound before resuming its downfall to 1.1575 – Commerzbank

EUR/USD is holding over the 1.1704 2021 low for now. While Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, allows for a minor rebound, the pair is set to fall afterward as low as 1.1575.

See – EUR/USD to suffer a substantial drop to 1.16 on a slide below 1.17 – SocGen

Scope for the 200-week ma at 1.1575

“EUR/USD is currently holding over the March low at 1.1704, we note the 13 counts on the intraday charts and would allow for a small rebound, nearby resistance is the downtrend at 1.1852.” 

“Below the March low at 1.1704 will see a slide to 1.1602, the November 2020 low. Please note that the 200-week ma lies at 1.1575 and this remains our target.”

“Last week's high at 1.1909 is seen as an interim high and this guards the 200-day ma at 1.2010/11.”

“Initial resistance is the 1.1860 resistance line.”