EUR/USD approaching 1.0682 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair remains under pressure and is getting closer to the 1.0680 area.

Key Quotes

“EUR/USD remains under pressure, yesterdays rally did not even reach the first resistance at 1.0821 the previous March low. The market is approaching the 1.0682 30 year uptrend and the 2015-2016 uptrend at 1.0600. The 55 day ma at 1.0934 will now offer immediate resistance but the Elliot wave count is suggesting that rallies will now falter ahead of 1.0850”.

“Above1.0934 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”.