EUR/USD bid above 1.1245 – Commerzbank

According to Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair’s perspective remains bullish while trading above 1.1245.

Key Quotes

“Yesterday EUR/USD stabilized at 1.1245, marginally above the early August high at 1.1234 and the one month support line at 1.1228”.

“Since the decline from the current August high at 1.1366 can be sub-divided into three clear waves on the hourly chart we have changed our short term view from bearish to bullish”.

“This will remain to be the case while no slip below the 1.1245 level is seen. Only if this level were to give way, would the 55- and 200-day moving averages at 1.1156/12 be back in the picture”.