EUR/USD rallies should struggle in the mid-1.0600s – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, any bullish attempt should face strong resistance in the 1.0651/86 band.

Key Quotes

“The market failed to close below 1.0521 last week and has seen a small rebound. We look for the rally to falter ahead of the 20 day ma at 1.0651 and the 1.0686 3 month downtrend. We continue to target recent lows at 1.0352/40. Intraday a move sub 1.0545 should trigger further weakness”.

“The market will remain directly offered below short term downtrend at 1.0686. Above here lies 1.0820/29, which represents the 50% retracement and the recent February high”.