EUR/USD stays bid, closer to 1.1300 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair remains bid while above 1.0944.

Key Quotes

“The Euro remains immediately bid and is approaching the 1.1300 November high. While dips lower hold over the near term uptrend at 1.0944, the market stays immediately bid”.

“The market has potential to reach the highs from mid 2016 circa 1.1400, however we believe it will struggle here from a longer term perspective. We note the 78.6% retracement lies at 1.1343”.

“Below the uptrend will signal a slide to the 200 day ma at 1.0826 and failure here is needed to negate upside pressure”.