EUR/USD negative below 1.1296 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, reiterated the pair’s negative bias while capped by 1.1296.

Key Quotes

“EUR/USD eased back, which is not surprising given it is now approaching tougher resistance, namely the 1.1296 2014-2016 resistance line – this is expected to provoke failure and while capped here we will maintain a negative bias. This will leave attention still focused on the 1.0954 5 month uptrend”.

“Only below 1.0954 will target 1.0821, the March low, and then the 31 year support line at 1.0642. Note the 1.0457 March 2015 low is also found in this vicinity together with the 1.0574 channel”.