EUR/USD struggled near 1.10, still offered below 1.1040 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, still sees the pair’s stance offered below 1.1040.

Key Quotes

“EUR/USD’s rally higher appears to be baulking at the 20 day ma at 1.1003. The market will stay directly offered while below last weeks high at 1.1040. 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. Below here we target the 1.0682 32 year support line”.

“Resistance above 1.1040 comes in at the 1.1105/23 August, September and October 7^th lows”.