EUR/USD focus still on 1.0820 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis Research at Commerzbank, the pair remains poised for a test of the 1.0820 area.

Key Quotes

“EUR/USD continues to weigh on the downside but is holding steady ahead of the next support – namely 1.0821 the March low, this was also the May 2015 low and is a short term pivot for the market and we would allow for this to hold the initial test. Below here we target the 1.0682 32 year support line”.

“Intraday rallies likely to now struggle at the previous 1.0912 June and 1.0952 July lows. The market will stay directly offered while below last weeks high at 1.1040. Resistance above here comes in at the 1.1105/23 August, September and October 7 th lows”.