EUR/USD rallies expected to struggle near 1.1230 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis Research at Commerzbank, bullish attempts in the pair are seen failing around 1.1230.

Key Quotes

“EUR/USD has reversed just ahead of the 4 month resistance line at 1.1284. In order to alleviate immediate upside pressure the market will need to move back below the 1.1190 area, this guards the 1.1123 31st August low. We favour failure here and intraday rallies are indicated to terminate at 1.1230”.

“The 1.1284 resistance line protects the 1.1366 August high. Only an unexpected rise above here would introduce scope to 1.1416/65, the mid-April and June highs. Below 1.1123, the seven month support line at 1.0993 will be targeted next, together with the June and July lows at 1.0952/12”.