EUR/USD technical analysis: support & resistance levels. «Stay negative»

An overnight note from Commerzbank on their EUR/USD chartsEUR/USD’s outlook stays negative, the market last week closed below 1.1662 the 17th August low and is struggling very near term to regain this resistance. It has recently completed a head and shoulders top pattern 1.2092-1.1662, targeting 1.1232. Given the close proximity of the 200 day ma at 1.1263 we will make this our downside target. The outlook remains negative while capped by the current October highs and early August high at 1.1858/1.1910, intraday rallies are indicated to terminate circa 1.1680/1.1715. Additional support is offered by the mid-June high at 1.1296 and the more important 1.1110 end of May low. Where are we wrong?

  • Above the 1.1858/1.1910 area (early August and October highs) lies the 1.2092 September high.

Short Term Trend (1-3 weeks):

  • Top completed with a 1.1232 downside target  

Long term trend (1-3 months):

  • Top completed with a 1.1232 downside target

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