EUR/USD strong resistance seen at 1.1100-41 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s upside should find a strong hurdle in the 1.1100/41 band.

Key Quotes

“EUR/USD has taken out the 1.1141 2015-2016 channel and the 200 day ma and the erosion of this major support leaves the market on the road to 1.0821, the March low en route 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 1.1108 and the previous channel at 1.1141 will now offer formidable resistance”.