EUR/USD remains capped around 1.1280 – Commerzbank

Karen Jones, Head of FICC Technical Analysis Research at Commerzbank, noted the pair’s upside remains limited by the 1.1280 area for the time being.

Key Quotes

“EUR/USD held steady yesterday to leave the market still on the defensive following its recent failure just ahead of the 4 month resistance line at 1.1278. 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”.

“The 1.1278 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”.