EUR/USD still vulnerable – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted EUR/USD still remains under pressure.

Key Quotes

“The market has eroded the 1.0851 October low and the 1.0821 March low, this is expected to act as a key break down point to the 1.0682 30 year uptrend and the 2015- 2016 uptrend at 1.06. The 55 day ma at 1.0947 will now offer immediate resistance but the Elliot wave count is suggesting that rallies will now falter ahead of 1.0800/60”.

“Above1.0925 would alleviate extreme downside pressure for a retest of the 1.1123/25 August and September lows, but even this would not negate our negative bias”.