EUR/USD rallies capped around 1.1280/1.1332 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, occasional upticks in EUR/USD remains capped around the 1.1280/1.1332 band.

Key Quotes

“EUR/USD appears to be recovering just ahead of the 1.1060/55 December high, the March 16 low and the channel, this was our short term target and we are not surprised to see it hold the initial test”.

“We note a TD perfected set up on the daily chart and that the accelerated downtrend has been eroded”.

“Very near term we look for rallies to remain capped by 1.1280/1.1332. The base of the 6 month channel is expected to act as the break down point to the second channel at 1.0562”.