EUR/USD keeps the negative bias – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s perspective remains tilted to the negative side.

Key Quotes

“EUR/USD despite the FOMC bounce, remains capped by the 55 day ma at 1.1311 very near term and maintains a negative bias. We are looking for a retest of the critical 1.1124/1.1058 support. This is the 200 day ma, the 55 week ma, the December high, the March 16 low and the short term uptrend”.

“Intraday Elliott counts have become more positive and this suggests caution. The 1.1058 support is expected to act as the break down point to the second channel at 1.0564”.