EUR/USD: further downside on the cards? – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, hinted at the possibility of a visit to the 1.1340 area in the short-term.

Key Quotes

“EUR/USD came under pressure last week following its rejection at resistance offered by the top of 2 channels – these are located at 1.1656/1.1740 and are reinforced by the August 2015 high at 1.1713”.

“We look for further weakness this week to initially the 2 month support .line at 1.1339 and we may see this hold the initial test”.