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#1 14-05-2019 18:39:18

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EUR/USD: a bullish trend seems likely (Commerzbank)

EUR/USD: a bullish trend seems likely (Commerzbank)

Axel Rudolph, an analyst at Commerzbank, says that since the EUR/USD pair has reached the 55-day moving average at 1.1261, it continues to favour a rise, while the pair remains above the March and early April lows at 1.1183/77.

"An unexpected break in this support area would put the April low of 1.1110 back in sight.

If this happens, the threshold should hold. However, you should be aware that the figure being formed is a potentially important inversion formation.

We also have positive divergence on the weekly RSI and a Tom DeMark count of 13 on the weekly chart, so there is a significant risk of a bullish reversal soon. The 100-day moving average comes up to 1.1317 and the resistance line between September and May at 1.1336. Above this is the 200-day moving average at 1.1399. An increase above this moving average would confirm a bullish reversal.

The support level at 1.1110 is considered to be the breaking point up to the 2018-2019 support line at 1.1099 and the 78.6% Fibonacci retracement at 1.0814.

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



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