EUR/USD potential test of 1.1040 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzban, a visit to the 1.1040 region appears on the card.

Key Quotes

“The Euro continues to rebound off the 20 day ma at 1.0887 and this is gaining traction – a retest of the 1.1040 recent high looks likely. It has rallied enough to call into question the recent key day reversal, but it has not rallied enough to negate it yet!”.

“In order to negate upside pressure a close back below the 200 day ma at 1.0825 is required. While above the 200 day ma, we remain unable to rule out upside scope to the January 2015 low at 1.1098 and the 1.1146 78.6% retracement”.