EUR/USD expected to struggle at 1.0829/86 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the upside in EUR/USD is seen struggling in the 1.0829/86 band.

Key Quotes

“The cross has virtually reached a band of resistance offered by the 1.0829 February high, the 1.0851 October low, 1.0875 December high and 1.0886 200 day moving average. In this area it is likely to stall, however upside risks are growing. Dips should find support between the 1.0679 midFebruary high and the 55 day moving average at 1.0651”.

“Should this be breached we would have to allow for the 1.0978/1.1000 region to be reached. This area is where the 100% Fibonacci extension of the January-to-February advance, projected from the February low, coincides with the 50% retracement of the move down from the May peak”.