EUR/USD seen struggling around 1.1200 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, occasional bullish attempts in the pair should struggle around the 1.12 handle.

Key Quotes

“EUR/USD at last sold off following stronger than expect NFP numbers on Friday. The previous channel – now located at 1.1198, is acting as nearby resistance and maintaining our negative bias. It leaves the market eyeing 1.0821, the March low, and then the base of the second channel at 1.0573. Note the 1.0457 March 2015 low is also found in this vicinity together with the 1.0600 30 year support line”.

“Initial resistance is the channel at 1.1198 and we look for the market to fail here. Above here lies 1.1231 the 61.8% retracement of the post Brexit move”.