EUR/USD scope persists for a test of 1.0821 – Commerzbank
According to Karen Jones, Head of FICC Technical Analysis at Commerbank, the pair’s outlook remains negative with the door open for a test of the 1.0820 area.
Key Quotes
“EUR/USD is currently holding steady, the market has seen a small rebound which has so far stalled at the 1.0952 July low and the market remains directly offered below here. Beyond this it should continue to weigh on the downside and leave attention on the next support – namely the 1.0821 the March low. This was also the May 2015 low and is a short term pivot for the market and it is now exposed. Below here we target the 1.0682 32 year support line”.
“Intraday rallies are likely to now struggle at the 1.0952 July low. 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 7th lows”.