EUR/USD offered below 1.1040 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s stance remains offered while below 1.1040 for the time being.

Key Quotes

“EUR/USD last week held steady to higher, the market has seen a small rebound which has eroded the 1.0952 July low and is about to reach the 20 day ma at 1.1015. The market will stay directly offered while below last weeks high at 1.1040”.

“Beyond this it should continue to weigh on the downside and leave attention on the next support – namely the 1.0821 the March low. This was also the May 2015 low and is a short term pivot for the market. Below here we target the 1.0682 32 year support line”.

“Resistance above 1.1040 comes in at the 1.1105/23 August, September and October 7^th lows”.