EUR/USD: pair may return to a rise at an angle according to Commerzbank

Axel Rudolph, an analyst at Commerzbank, notes that they consider the trend on the weekly chart as a potential bullish reversal for the EUR/USD pair, also known as a bevel.

"We have a triple divergence in the weekly RSI, which reflects a loss of downward momentum. The market maintained the support offered by the May 2017 low at 1.1110 AND we have a Tom DeMark count of 13 on the weekly chart.

All these factors imply that a bullish reversal is imminent.

A weekly close above 1.1346 would complete the inversion pattern and should then trigger gains towards the 55-week moving average at 1.1473, then towards the September 2018 high at 1.1815."