EUR/USD to recover off from the 1.1777 support line – Commerzbank.

EUR/USD is holding steady very near-term. According to Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, the pair is set to rebound from short-term support line at 1.1777.

RSI has again not confirmed the low

“EUR/USD last week saw a fairly volatile week in which new lows were not confirmed by the daily RSI. On the daily chart, rallies are indicated to be corrective only and should struggle around 1.1880/1.1945. However, we should eventually see that eroded.” 

“We note the 1.1777 support line below the market, and currently we are looking for a rebound and suspect that the downside is in fact quite limited.” 

“The pair will need to regain the 200-day moving average at 1.2006 to reassert upside interest.”