EUR/USD: Market weighing on the downside – Commerzbank

Karen Jones, analyst at Commerzbank, notes that EUR/USD pair has eased back from resistance at 1.1285 and the 200 day ma at 1.1290.

Key Quotes

“It has started to erode the 1.1106 support and is now weighing on the downside. This leaves attention on the 1.1027 recent low and the 1.0961 2018-2019 support line. Below here lies the 78.6% retracement at 1.0814/78.6% retracement.

“Key resistance is 1.1354/71, the 2018-2019 down channel and the 55 week ma. A weekly close above this latter level is needed for us to adopt an outright bullish stance.”

“The market will need to regain the 55 week ma and channel at 1.1360/77 to generate upside interest.”