EUR/USD initial resistance lies at 1.1415/20 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair should find the initial up barrier in the 1.1415/20 band.

Key Quotes

“EUR/USD’s rebound from critical 1.1102/1.1058 key support gained traction on Friday following weak NFP numbers. We have initial resistance at 1.1415/20, the 61.8% retracement and channel mid point - between here and resistance at 1.1465/95 (early April 2016 high and the October 2015 high) we should see the rally grind to a halt”.

“Initial support lies at 1.1216, the 25th April low. This guards major support at 1.1102/1.1058 is the location of the 200 day ma, the 55 week ma, the December high, the March 16 low and the short term uptrend”.