EUR/USD is consolidating below the 1.1193 channel – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, EUR/USD is consolidating below the previous channel which is now located at 1.1193, while maintaining its negative bias.

Key Quotes

"It leaves the market eyeing 1.0821, the March low, and then the base of the second channel at 1.0564. Note the 1.0457 March 2015 low is also found in this vicinity together with the 1.0600 30 year support line.

Initial resistance is the channel at 1.1193 and we look for the market to fail here. Above here lies 1.1231 the 61.8% retracement of the post Brexit move.”