EUR/USD stays under pressure below 1.2019 – Commerzbank

Axel Rudolph, Senior Analyst at Commerzbank, noted the pair should remain under pressure while below the 200-day sma.

Key Quotes

“EUR/USD flirts with the 1.1858 late October 2017 high. Between it and the 55 week moving average at 1.1830 the currency pair is likely to stabilize today”.

“Resistance can still be seen between the November and early December 2017 highs at 1.1940/61. The cross will remain under pressure while it stays below the 200 day ma at 1.2019”.

“Longer term we will allow for the May 2016 high at 1.1616 to be reached”.