EUR/USD remains on the defensive – Commerzbank

Karen Jones, Head of FICC Technical Analysis Research at Commerzbank, noted the vulnerability surrounding the pair.

Key Quotes

“EUR/USD remains on the defensive following its recent failure just ahead of the 4 month resistance line at 1.1281. We saw a brief break below the 1.1190 area which was not sustained, this guards the 1.1123 31st August low. We favour failure here and intraday rallies are indicated to terminate circa 1.1235”.

“The 1.1281 resistance line 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. Below 1.1123, the seven month support line at 1.0993 will be targeted next, together with the June and July lows at 1.0952/12”.