EUR/USD downside pressure loses momentum – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair’s downside bias seems to have lost impetus.

Key Quotes

“EUR/USD just held steady to higher yesterday. The previous channel – now located at 1.1202, is acting as nearby resistance and maintains our negative bias”.

“It leaves the market eyeing 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”.

“Initial resistance is the channel at 1.1202 and we look for the market to fail here. Above here lies 1.1231 the 61.8% retracement of the post Brexit move”.