EUR/USD rallies seen fading near 1.1830 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, occasional rallies in the pair are expected to fail around 1.1830.

Key Quotes

“EUR/USD remains under pressure following the recent erosion of the 5 month uptrend and the 1.1836/23 late August and September lows. Intraday rallies are indicated to fail circa 1.1830. We look for further weakness initially to the 1.1662 August low and then the mid-June high at 1.1296 and the more important 1.1110 end of May low”.

“Above 1.2092 would target the 50% retracement from the move down from the 2014 high at 1.2168 and the 1.2372 200 month ma, but if seen, that is expected to hold”.