Senior technical analyst at Commerzbank Axel Rudolf believes that the euro / dollar pair may try to test the level of 1.1688 again. “Yesterday the pair EUR / USD emerged from under the bullish control at the level of 1.1850. While this and the current August high at 1.1910 are for the bulls ceiling, the radar will see a rollback back, below the last week’s low at 1.1688. Failure to break the end of July at the end of July at 1.1612, as well as a 5-month uptrend line at 1.1554 will bring back the advantage to the bulls. While we remain above these levels, there are opportunities for further growth, although they are declining.
Resistance above the recent high of 1.1910 lies at around 1.2042, the low of 2012, and then at 1.2168, a 50% retreat from falling down from the high of 2014. The breakthrough of the five-month line of the upward trend will cause losses to the high of mid-June at around 1.1296 and more important low May at 1.1110, “the expert said.