EUR/USD should find initial support at 1.1624 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the 1.1745/50 band remains a very tough resistance.

Key Quotes

“EUR/USD appears reluctant to tackle resistance offered by the 1.1745/50 area and the 1.1790 recent high. This has rejected the market many times and remains formidable resistance. A close above here is needed to trigger a move to the 1.1853 mid-June high and the 1.1907 55 week ma. We continue to view the recent low at 1.1301 as a significant turn for the market. Dips lower will find initial support at the 1.1624 near term support line”.

“The cross will need to drop sub 1.1508 to alleviate immediate upside pressure”.