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#1 17-12-2018 08:26:15

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EUR/USD: the euro may now rebound on the forex (Commerzbank)

EUR/USD: the euro may now rebound on the forex (Commerzbank)

Commerzbank reports that the EUR/USD pair, after eroding its short-term uptrend line and falling to the late November low at 1.1257, may now rebound.

But EUR/USD is on the defensive and a breakout of 1.1257 would result in losses towards the recent low at 1.1216 and the 61.8% Fibonacci retracement of the 2017-18 hike to 1.1186. In the event of a break, the end of May and June 2017 lows would be targeted at 1.1119/10.

The rallies will find initial resistance at 1.1442, their highest level in recent weeks, which protects the 2018 downtrend line at 1.1503.

The long-term trend (1 to 3 months): A hike above the recent peak at 1.1625 would confirm a reversal of the trend and target the 55-week moving average at 1.1836.

The EUR/USD has started its rebound since Friday, but it is not yet clear whether it will be able to join recent highs above 1.14 in the near term. Many obstacles stand in its way before that.

"Anything worth having is worth going for - all the way." - J.R. Ewing



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