EUR/USD: Fall below key support at 1.1907/1.1877 to expose the 1.1836/24 zone – Commerzbank

EUR/USD slips to the 2020-21 uptrend line and 55-week moving average at 1.1907/1.1877. This zone is expected to hold on Friday. On the contrary, the 1.1836/24 neighborhood would be exposed, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.

EUR/USD is bid above 1.1907 

“EUR/USD fell out of bed to below the 61.8% Fibonacci retracement of the March-to-May advance and close to the 2020-2021 uptrend line at 1.1907 which together with the 55-week moving average at 1.1877 is expected to hold the cross today. If not, we would have to allow for the March 9 low and the 78.6% Fibonacci retracement at 1.1836/24 to be reached as well.” 

“Minor resistance above the 200-day moving average at 1.1996 comes in at the 1.2052 mid-May low and also along with the 55-day moving average at 1.2083.”