Axel Rudolph, Senior Technical Analyst at Commerzbank, believes the upside momentum in EUR/USD could run out of steam in the one.0935/one.one thousand band.
“The cross has risen to in between the fifty five week transferring average at one.0935 and the a few month resistance line at one.0950 post the 1st spherical of the French presidential election effects. Amongst these stages and the minor psychological one.one thousand mark we count on the currency pair to falter”.
“For our beforehand anticipated drop to be noticed a drop below Friday’s low at one.0683 will have to be noticed, below which lies the fifty five working day transferring average at one.0663 and the 2017 help line at one.0607. Failure at nearby Fibonacci help at one.0555 ought to be adequate to trigger weak spot to the one.0494 February low, then the one.0340 January low. Our bias remains toppish”.