Dips in EUR/USD are expected to meet contention at 1.1175 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees occasional dips in EUR/USD to find support in the 1.1170 region.

Key Quotes

“EUR/USD sold off in earnest on Friday having been capped all week by the 200 week ma at 1.1348 and the 200 day ma at 1.1358. Dips lower are indicated to hold circa at 1.1230/00 and will ideally be contained by 1.1175. To really ignite upside interest, we suspect a close above 1.1358 is needed to target initially the 1.1570 2019 high”.

“We regard recent lows at 1.1110/06 as an interim turning point”.