EUR/USD now re-targets 1.0820 – Commerzbank

In view of Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair’s recent price action prompts to start considering a re-visit of the 1.0820 area.

Key Quotes

“Friday’s EUR/USD surge higher didn’t go as far and last as long as anticipated. Its clear bearish reversal means that a top is now in place at 1.1366 and that over the coming weeks and months the March low at 1.0826 will be targeted”.

“Short term the 55- and 200-day moving averages at 1.1153/15 are back in the picture”.

“Only an unexpected rise above the 1.1366 recent high would introduce scope to 1.1416/65, the mid-April and June highs”.