EUR/USD neutral to positive above 1.0590 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, EUR/USD should keep the neutral-to-positive stance while above 1.0590.

Key Quotes

“No change, the market has recently eroded the 4 month downtrend, the break looks quite directional and at this point will simply go with it and allow for further near term gains. Intraday dips are indicated to hold over the previous downtrend, which should now act as support 1.0591. Immediately overhead lies the more important resistance circa 1.0820/29 and the market is expected to struggle here. Below 1.0590 will neutralise the chart once more”.

“We stay overall negative below 1.0830. Only above 1.0830 would introduce scope to 1.0875 December high and the 200 day ma at 1.0900”.