EUR/USD top in place, eyes on 1.0820 – Commerzbank

In view of Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair could be now targeting the key area around 1.0820.

Key Quotes

“We believe that EUR/USD formed a significant top at 1.1366 during August and that that over the coming weeks and months the March low at 1.0826 will be targeted”.

“The 55 day moving average at 1.1150 has so far been hit with the 200 day moving average at 1.1120 about to be reached”.

“Once slid through, the six month support line at 1.0969 will be in the picture, together with the June and July lows at 1.0952/12”.