A snippet from Commerzbank technical analysis on EUR/USD (from an overnight note)
For now, we are unable to rule out a retest of the 1.1110 support,
- but, if seen, we look for this to hold.
Be advised that the pattern being traced out is a potential large reversal pattern, we have divergence of the weekly RSI and a 13 count on the weekly chart as well and there is a risk of reversal.
- is the 100 day ma at 1.1324
- and the resistance line at 1.1348 ahead of the 200 day ma at 1.1406.
- Only above the 200 day ma would this imply reversal.
- at 1.1110 is regarded as the break down point to 2018-2019 support line (connects the lows) at 1.1052, the 1.0963 TD support and the 1.0814/78.6% retracement.