EUR/USD downside pressure alleviated above 1.1455 – Commerzbank

essure alleviated above 1.1455 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair’s downside pressure should be mitigated above 1.1455.

Key Quotes

“EUR/USD’s rebound from the 1.1301 recent low last week ran out of steam at the 6 week downtrend at 1.1454 on Friday and the 20 day ma at 1.1455. The market will need to overcome this resistance in order to alleviate downside pressure and initiate recovery to the mid October high at 1.1623”.

“Below 1.1300 we have a pivot line back to 2015 which is located at 1.1261 this week. While this holds the downside scope for recovery remains longer term. This guards the 61.8% retracement at 1.1185”.