1.0523 target for EUR/USD by Commerzbank.

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According to Commerzbank Technical Analyst Axel Rudoph’s report on February 1, the EUR/USD is bearish with target of 1.0523. He wrote that the failure at 1.0968 occurred last week was bearish targeting the 1.0776/11 January lows. It was a bit below the tough resistance level of 1.1000/1.1060, which are the recent highs and the 200-day moving average, the 2014-2016 downtrend and 55-week moving average. He added that the market is still sidelined and it had to break the 1.0776/11 in order to move on the downside.

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