EUR/USD now looks to 1.1060/55 – Commerzbank

In light of the recent pullback, spot has re-focused on the 1.1055/60 band, according to Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“EUR/USD remains under pressure and it has eroded the 1.1144 24th March low to leave attention on the 1.1060/55 December high, the March 16 low and the channel, this is our short term target and we suspect that it may hold the initial test”.

“We would tighten stops/exit as we are approaching our target and we note a TD perfected set up on the daily chart. Very near term we look for rallies to remain capped by 1.1280/1.1300”.