EUR/USD bid above 1.0760 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, EUR/USD stays bid while above 1.0760 for the time being.

Key Quotes

“The cross has eroded the key band of resistance offered by the 1.0829 February high, the 1.0851 October low, 1.0875 December high and 1.0880 200 day moving average (although we have not yet seen a close above here). The market is immediately bid above 1.0760 – we would 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”.

“Below 1.0760. Will alleviate immediate upside pressure and trigger a slide back to the 55 day ma at 1.0664”.