EUR/USD neutral to positive – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, EUR/USD’s outlook is now neutral to positive.

Key Quotes

“The cross is the key band of resistance offered by the 1.0829 February high, the 1.0851 October low, 1.0875 December high and 1.0882 200 day moving average. In this area it may stall, however upside risks are growing. The market is immediately bid above 1.0760 – the low from the 24th March and dips should find support between the 1.0679 mid-February high and the 55 day moving average at 1.0664”.

“We stay overall neutral below 1.0830/82. 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”.