EUR/USD will drop to 1.1140 according to Commerzbank.

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Analysts at Commerzbank provided their outlook on EUR/USD mentioning that it is possible that the pair would drop to 1.1140 area.

“EUR/USD charted another new high (1.1454), which again was not confirmed by the daily RSI and this suggests a loss of upside momentum just ahead of the September and October highs at 1.1460/95 and the 1.1577 pivot line – we now look for failure. We would allow for slippage towards the 1.1144 24th March low. Key nearby support lies the 1.1060/58 December high and the March 16 low. This guards the bottom of the range at 1.0908” written in the report.

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