EUR/USD still upside corrective – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued the pair keeps its upside corrective stance for the time being.

Key Quotes

“EUR/USD is upside corrective following the sharp rebound from the critical 1.1102/1.1058. We have initial resistance at 1.1415/20, the 61.8% retracement and channel mid point - between here and resistance at 1.1465/95 (early April 2016 high and the October 2015 high) we should see the rally grind to a halt”.

“Initial support lies at 1.1216, the 25th April low. This guards major support at 1.1102/1.1058 is the location of the 200 day ma, the 55 week ma, the December high, the March 16 low and the short term uptrend”.