EUR/USD struggles to regain upside traction – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the pair failing to approach the 1.2556/1.2651 band.

Key Quotes

“EUR/USD has faltered on approach to tough resistance at 1.2556/1.2651 (recent high and 10 year downtrend), and we continue to have our doubts that the market has enough momentum to clear this resistance. It should be noted that the market is stuck between a one year uptrend and a 10 year downtrend. I am slightly biased to failure. Minor support is offered by the 55 day ma at 1.2241 ahead of 1.2165/55 the recent low”.

“A close below 1.2110 will be needed to confirm the end of the move higher”.

“Above the 2008-2018 resistance line at 1.2651 would target 1.3190 the 50% retracement of the move down from 2008”.