EUR/USD remains under pressure – Commerzbank

Karen Jones, Head of FICC Technical Analysis Research at Commerzbank, noted the pair still remains vulnerable.

Key Quotes

“EUR/USD came under renewed downside pressure on Friday but swiftly recovered. Attention has reverted to the 1.1275 resistance line and 1.1285 15th September high. This protects the 1.1366 August high. Only an unexpected rise above here would introduce scope to 1.1416/65, the mid-April and June highs. We have no strong bias here”.

“Failure at 1.1275/85 will retarget the 1.1123 31st August low. Below here, the seven month support line at 1.0996 will be targeted next, together with the June and July lows at 1.0952/12”.