EUR/USD pullbacks appear short-lived – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis Research at Commerzbank, occasional pullbacks in spot remain short-lived.

Key Quotes

“EUR/USD continues to ease back from the 1.1268 resistance line and the 1.1285 15th September high, but attempts lower are pretty short lived. Only below the 1.1123 31st August low will undermine stability and trigger losses to the seven month support line at 1.0999, together with the June and July lows at 1.0952/12”.

“Above 1.1285 lies the 1.1366 August high. Only an unexpected rise above here would introduce scope to 1.1416/65, the mid-April and June highs. We are slightly biased to 1.1272/85 continuing to cap”.