EUR/USD to focus on the 1.2243 March high once above 1.1990/1.2014 – Commerzbank

EUR/USD has reached the 1.1990/1.2014 pivot. A break above here is needed to dissipate downside pressure, in the view of Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.

EUR/USD to remain under pressure below 1.2014

“EUR/USD has tested the more important 1.1990/1.2014 pivot. We will need to regain this latter level in order to cast attention back to the 1.2243 March high.”

“So far the rally remains just a correction higher and failure in the 1.1975-1.2014 band will keep attention on the downside.”

“Nearby support lies at 1.1835 then 1.1704/1.1695.”

“Below 1.1695 we have TD support at 1.1648 and the previous 2008- 2020 downtrend lies at 1.1570, which we look to hold.”