EUR/USD likely to stabilize in the 1.1880/58 band – Commerzbank

Axel Rudolph, Senior Analyst at Commerzbank, noted the pair could attempt to consolidate in the 1.1880/58 band.

Key Quotes

“EUR/USD is fast approaching the 1.1880/58 October 2017 highs around which the currency pair is likely to stabilize today”.

“Resistance can now be spotted between the November and early December 2017 highs at 1.1940/61.The cross will remain under pressure while it stays below the 200 day ma at 1.2019”.

“Longer term we will allow for losses back to the 55 week ma at 1.1831”.

“Our overall bearish bias is maintained while capped by the 2008-2018 resistance line at 1.2593”.