EUR/USD faces important resistance around 1.0830 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted EUR/USD’s upside should find strong resistance in the 1.0830 region.

Key Quotes

“The market should find that the previous downtrend, at 1.0590 currently, should still act as support. While it does so an upside bias persists near term. We have not overcome any resistance of note, nor are we expected to. Immediately overhead lies important resistance at 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 1.0896”.