A snippet from Commerzbank technical analysis on EUR/USD (from an overnight note)

For now, we are unable to rule out a retest of the 1.1110 support,

  • but, if seen, we look for this to hold.

Be advised that the pattern being traced out is a potential large reversal pattern,

we have divergence of the weekly RSI and a 13 count on the weekly chart as well and there is a risk of reversal.

Initial resistance

  • is the 100 day ma at 1.1324
  • and the resistance line at 1.1348 ahead of the 200 day ma at 1.1406.
  • Only above the 200 day ma would this imply reversal.

Support

  • at 1.1110 is regarded as the break down point to 2018-2019 support line (connects the lows) at 1.1052, the 1.0963 TD support and the 1.0814/78.6% retracement.