EUR/USD sidelined so far, focus on 1.2413 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair keeps the sideline theme for the time being.

Key Quotes

“EUR/USD traded through but did not manage to overcome the near term resistance line, which has been re-drawn to offer resistance at 1.2381. It is currently side lined, it will need to overcome the last week’s high at 1.2413 which guards the current March high at 1.2447 to push higher. If the 1.2447 level were to unexpectedly be exceeded, the January and February highs at 1.2538/56 would be back in the picture. We have conflicting signals and no strong bias today”.

“This is made up of the mid-January and current March lows and the 2017-2018 uptrend. A weekly close below here would add weight to the idea that the market recently topped at 1.2556”.

“Above the 2008-2018 resistance line at 1.2651 lies the 1.3190 50% retracement of the move down from 2008”.