EUR/USD could rebound to 1.0935/90 – Commerzbank
Karen Jones, Head of FICC Technical Analysis at Commerzbank, does not rule out a small rebound to the 1.0935/90 band.
Key Quotes
“EUR/USD has held sideways for 4 trading days now and we are alert to the idea of a small rebound to approximately 1.0935/90. Beyond this it should continue to weigh on the downside and leave attention on the next support – namely 1.0821 the March low. This was also the May 2015 low and is a short term pivot for the market and we would allow for this to hold the initial test. Below here we target the 1.0682 32 year support line”.
“Intraday rallies likely to now struggle at the previous 1.0912 June and 1.0952 July lows. The market will stay directly offered while below last weeks high at 1.1040. Resistance above here comes in at the 1.1105/23 August, September and October 7th lows”.