EUR / USD is under pressure, trading near 1.17. The next downside target is lined up at the low of 1.1689 from mid-October, reports Axel Rudolph, senior technical analyst at Commerzbank.
Key statements:
“EUR / USD fell to the November 11 low at 1.1745 as expected, with the mid-October low at 1.1689 next in line. Still lower is the 1.1641 / 02 zone, made up of the 55-week moving average and the September and November lows. “
“In the long term, we will look for a reversal at the 1.1600 area.”
The rallies should find initial resistance along the one-month downtrend line at 1.1836 and also along the 200-day moving average at 1.1871. This protects the most important pivot of 1.1990 / 1.2014 ”.
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