EUR/USD negative bias below 1.1465/95 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, believes the pair could struggle in the 1.1465/95 band and retreats to the 1.1137/1.1058 area.

Key Quotes

“EUR/USD has seen a decent rally from the 2016 channel, today at 1.1137”.

“The intraday Elliott wave chart is suggesting a retest of potentially 1.1465/95, however we would expect the market to struggle here”.

“Provided it remains capped there, our bias is negative and we should shortly see a retest of the critical 1.1137/1.1058 support. This is the 200 day ma, the 55 week ma, the December high, the March 16 low and the short term uptrend”.

“A close below 1.1058 would target 1.0821, the March low enroute to the base of the second channel at 1.0564”.