EUR/USD Could Test 1.1465/95 Before a Leg Lower – Commerzbank

EUR/USD Could Test 1.1465/95 Before a Leg Lower – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s upside could struggle around the 1.1465/95 band, triggering a potential correction lower.

Key Quotes

“EUR/USD has reached initial resistance at 1.1415/20, the 61.8% retracement and channel mid point - between here and resistance at 1.1465/95 (early April 2016 high and the October 2015 high) we should see the rally grind to a halt”.

“Provided it does so we should see a retest of the critical 1.1102/1.1058 support. This guards major support at 1.1102/1.1058 is the location of the 200 day ma, the 55 week ma, the December high, the March 16 low and the short term uptrend”.