EUR/USD remains offered below 1.1040 – Commerzbank
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair should keep the offered bias while below 1.1040.
Key Quotes
“EUR/USD has seen a small rebound as expected. This has failed at the 1.0952 July low and the market remains directly offered. Beyond this it should continue to weigh on the downside and leave attention on the next support – namely 1.0821 the March low. This was also the May 2015 low and is a short term pivot for the market and it is now exposed. Below here we target the 1.0682 32 year support line”.
“Intraday rallies are likely to now struggle at the 1.0952 July low. The market will stay directly offered while below last weeks high at 1.1040. Resistance above here comes in at the 1.1105/23 August, September and October 7th lows”.