EUR/USD faces initial resistance at 1.1694 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s upside should meet initial resistance at 1.1694.

Key Quotes

“EUR/USD held steady yesterday, keeping our negative bias entrenched. We saw the markets upside correction terminate at the 1.1855 38.2% Fibonacci retracement last week and the market collapse lower. Attention has reverted to the recent low at 1.1510 and the 200 week ma at 1.1407. Below 1.1400 would introduce scope to the 61.8% retracement at 1.1186. Rallies will now find the 20 day ma at 1.1694 offers initial resistance and we would expect 1.1855 to cap for a negative bias to remain entrenched”.

“Above 1.1855 we look for a deeper retracement into the 1.1960/90 band”.