EUR/USD headed towards 1.1230? – Commerzbank

Senior Technical Analyst at Commerzbank Axel Rudolph has suggested the possibility that the pair could grind lower to the 1.1230 area.

Key Quotes

“EUR/USD failed at 1.1400 as expected and now targets its current April low at 1.1234”.

“Below it lurks the 1.1144 24th March low with still further support coming in at the 1.1060/58 December high and the March 16 low. This guards the 2016 support line at 1.0956”. 

“Strong resistance remains to be seen at the 1.1465/95 current April and October peaks which we do not expect to be overcome”.