EUR/USD targets 1.0980 in the long term – Commerzbank

According to Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair remains poised for a test of the 1.0980 area in the longer run.

Key Quotes

“EUR/USD’s rejection by the five month resistance line at 1.1319 reinforces our view that a significant top was formed at 1.1366 during August. Longer term it targets the seven month support line, currently at 1.0980, and also the March low at 1.0826”.

“The 200 day moving average, now at 1.1141, twice acted as support but is still expected to eventually give way”.

“Once slid through, the seven month support line at 1.0980 will be targeted next, together with the June and July lows at 1.0952/12”.