EUR/USD now focused on 1.0820 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis Research at Commerzbank, the pair is now looking to a potential test of the 1.0820 area.

Key Quotes

“EUR/USD has eroded the 1.0912 24th June low and in doing so fallen into new 6 month lows. This leaves attention in the next support – namely 1.0821 the March low. Below here we target the 1.0682 32 year support line”.

“Intraday rallies are indicated to fail circa 1.0985/1.1035. Resistance comes in at the 1.1105/23 August, September and October 7 th lows with further resistance between the 200- and 55-day moving averages at 1.1175”.