EUR/USD rebounds should stay tepid – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, occasional rebounds in EUR/USD should be tepid.

Key Quotes

“The Euro is seeing a small bounce very near term – we look for this to be pretty tepid and should ideally stall circa 1.0645/70. Failure at nearby Fibonacci support at 1.0555 should trigger weakness to the 1.0494 the March low then 1.0352/40 the January low. We note the 13 count on the intraday chart and would allow for a very near term rebound ahead of further losses”.

“A close above the 200 day ma at 1.0852 would put the 1.0978/50% retracement back on the agenda”.