Currency Analyst since 2010

EUR/USD with Commerzbank

Analysts at Commerzbank point out that EUR/USD eroded 6-month uptrend and the Ichimoku Cloud support at $1.3564. The specialists say that the 4-month support line at $1.3516 has become vulnerable. If euro falls below this level, it will make another leg lower.

The bank has set targets at $1.3348/1.3295 (recent low, Fibo and 200-day MA). Support lies at $1.3525 (Dec, 2 low) and $1.3458 (38.2% retracement of the move up from July). The pair will consolidate at the latter. Resistance is at $1.3607/29 (short term downtrend).

Chart. Daily EUR/USD

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