Comments on the euro via Commerzbank from Friday Europe time.
The bank lists S & R as follows:
Support
- 1.1135
- 1.1119/10
- 1.1097
- 1.1060/52
- 1.1000
Resistance
- 1.1237
- 1.1297
- 1.1313
- 1.1388
- 1.1448
Comments (in brief0:
- as long as 1.1110/06 holds the pattern being traced out is a potential large bullish reversal pattern
- Where are we wrong? Support at 1.1110/06 is regarded as the break down point to the 2018-2019 support line at 1.1096 and the 1.0814 78.6% Fibonacci retracement.
- Short term trend (1-3 weeks): Recovering in its range, holding over 1.1110/06 April/May lows. We are looking for a break higher.
- Long term trend (1-3 months): Divergence on the weekly RSI and a 13 count on the weekly chart suggest that downside scope is limited.