EUR/USD neutral to positive above 1.0584 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted EUR/USD’s stance remains neutral to positive while above 1.0584 in the near term.

Key Quotes

“The market should find that the previous downtrend at 1.0584 currently, should now act as support, while it does so an upside bias persists near term. We have not overcome any resistance of note, nor are we expected to. Immediately overhead lies the more important resistance circa 1.0820/29 and the market is expected to struggle here. Below 1.0584 will neutralise the chart once more”.

“We stay overall negative below 1.0830. Only above 1.0830 would introduce scope to 1.0875 December high and the 200 day ma at 1.0900”.