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.