EUR/USD to hover above minor support at 1.1836/24 – Commerzbank

The US dollar rally is taking a short-term breather. Therefore, the EUR/USD pair should hold off the 1.1836/24 neighborhood, according to Axel Rudolph, Senior FICC Technical Analyst at Commerzbank.

78.6% Fibonacci retracement sits at 1.1824

“EUR/USD so far dropped to 1.1847, close to the early March low and the 78.6% Fibonacci retracement at 1.1836/24. Short-term consolidation above this area is on the cards for today.”

“Further down the April 5 low sits at 1.1738 and the March low can be spotted at 1.1704.”

“Minor resistance above the February low at 1.1952 can be seen along the 200-day moving average at 1.1996 and then also at the 1.2052 mid-May low and the 55-day moving average at 1.2084.”