Commerzbank analysts write that EUR / USD fell again to support at 1.1176 (March low). Between this mark and 1.1100, the pair should stabilize and recover.
“The 200-week ma at 1.1348 and the 200-day ma at 1.1354 still remain in the spotlight. On a drop, the pair will find support in the 1.1175 area. It is possible that the pair will need to close the week above 1.1354 to increase the bullish momentum, which will make the target 1.1570 (1029 maximum). We regard the recent lows at 1.1110 / 06 as an intermediate pivot point.
Support in the 1.1110 / 06 area is blocking the path to the support line 2018-19 at 1.1027 and to the Fibo level of 1.0814 (78.6% of the correction).”
The pressure makes the situation profitable for most of the bullish determined traders and gives a wide way for trading systems to get a profit out of the situation.