1.1140 target on EUR/USD from Commerzbank.

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According to the Commerzbank analysts the EUR/USD pair will probably visit the 1.1140 area.

“EUR/USD recently charted a minor new high of 1.1465 which was not confirmed by the daily RSI. This loss of momentum at tough resistance has provoked a sharp selloff and we would allow for slippage towards the 1.1144 24th March low. Key nearby support lies at the 1.1060/58 December high and the March 16 low. This guards 2016 support line at 1.0938. Intraday rallies are indicated to terminate circa 1.1310. Nearby resistance is 1.1460/95 (mid October high). Resistance at 1.1577 is considered the last defense for the 1.1713 September high” written in the report.


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