EUR/USD still trading sideways – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair remains within its recent sideline pattern.

Key Quotes

“EUR/USD is holding side ways just above the November 2015 low at 1.0523, which was recently tested but held on a closing basis and the market is seeing a small corrective rebound, which is struggling to clear the 23.6% retracement at 1.0700/02. The 38.2% retracement lies at 1.0816 and is likely to cap the market. We then favour a slide lower. Below 1.0523/18 lies the March 2015 low at 1.0457 lies parity”.

“Adding to the weight of resistance - the March low can be seen at 1.0821 and the October low at 1.085, our negative bias remains entrenched below here”.