EUR/USD door open for a test of 1.1141/1.1058 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could visit the 1.1141/1.1058 area in the near term.

Key Quotes

“EUR/USD appears to be struggling as expected at the 1.1465/95 resistance. This leaves our attention once more on the 2016 channel, today at 1.1141”.

“Provided the market remains capped by 1.1465/95, our bias is negative and we should shortly see a retest of the critical 1.1141/1.1058 support”.

“This is the 200 day ma, the 55 week ma, the December high, the March 16 low and the short term uptrend. A close below 1.1058 would target 1.0821, the March low enroute to the base of the second channel at 1.0564.Intraday rallies should now struggle circa 1.1305”.