EURUSD Analysis

Commerzbank: EUR/USD may test down again to 1.1508;

1)German commercial bank technical analysis believes that EUR/USD may test down again towards 1.1510/08, after retracing from 1.1790/1.1803 resistance, it will be on the defensive, short-term may fall to 1.1550 In the vicinity, although this process is only for adjustment, there is still room for testing the key support at 1.1510/08.
2)As long as it stays above that level, there is room to test up again 1.1790/1.1803; 1.1790, after the breakthrough will trigger continued to rise to the mid-June high of 1.1853 and the 55-week moving average of 1.1895, and thereafter the 200-day moving average of 1.1942, which is expected to be partially suppressed by profit taking, the recent low of 1.1301 for the exchange rate
3)Words are an important turning point, at 16:22 Beijing time, the euro against the US dollar reported at 1.5534/36