EUR/USD seen testing 1.0950/12 – Commerzbank

Karen Jones, Head of FICC Technical Analysis Research at Commerzbank, suggested the pair could slip towards the 1.0950/12 band.

Key Quotes

“EUR/USD has remained under pressure following its break below the 7 month support line. We look for losses to extend to the June and July lows at 1.0952/12. Fridays price action was an outside day to the downside and we do not think these lows will hold. Below here we target the 1.0682 32 year support line”.

“Resistance comes in at the 1.1105/23 August, September and October 7 th lows with further resistance between the 200- and 55-day moving averages at 1.1175/79. Immediate resistance lies at 1.1026”.