EUR/USD support seen at 1.0710/1.0690 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, spot appears initially supported in the 1.0710/1.0690 band.

Key Quotes

“EUR/USD continues to hold steady yesterday just below the 38.2% retracement at 1.0816. Adding to the weight of resistance here - the March low can be seen at 1.0821 and the October low at 1.0851, our negative bias remains entrenched below here”.

“Above 1.0851 would initiate a deeper retracement to 1.0910 then 1.1000”.

“Intraday dips should find some support at 1.0710/1.0690 ahead of the November 2015 low at 1.0523, and the recent low at 1.0505, which guards the March 2015 low at 1.0457”.