EUR/USD upside pressure alleviated below 1.1508 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair needs to retreat below 1.1508 to mitigate upside pressure.

Key Quotes

“EUR/USD is poised to encounter resistance offered by the 1.1745/50 area and the 1.1790 recent high. This has rejected the market many times and remains formidable resistance. A close above here is needed to trigger a move to the 1.1853 mid-June high and the 1.1907 55 week ma. We continue to view the recent low at 1.1301 as a significant turn for the market”.

“The cross will need to drop sub 1.1508 to alleviate immediate upside pressure”.