EUR/USD door open for a test of 1.0820 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the recent sell off of the pair allows a potential visit to the 1.0820 area.

Key Quotes

“EUR/USD last week eroded the 1.1141 2015-2016 channel and the break down from this major support is a strong negative signal. It leaves the market on the road to 1.0821, the March low enroute to the base of the second channel at 1.0564. Note the 1.0457 March 2015 low is also found in this vicinity together with the 1.0600 30 year support line”.

“Rallies will find resistance offered by the 200 day ma at 1.1100, the 55 week ma at 1.1106 and the previous channel at 1.1155 will now offer formidable resistance”.

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