EUR/USD upside pressure mitigated below 1.1191 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested that the pair’s upside pressure could be alleviated below 1.1191.

Key Quotes

“EUR/USD we suspect that the brief break above the 1.1273 2014-2016 resistance line seen last week was probably false. this has not been exactly a dynamic break higher and the market appears to have already stalled at 1.1366”.

“We suspect that the market will ease back to the 1.1104 200 day ma. Above 1.1380 would introduce scope to 1.1429/95, the recent high and pivot point, where it is expected to fail”.

“Initial support is 1.1191, the 20 day ma, and only below here would alleviate immediate upside pressure for a slide to 1.1104 200 day ma and the 1.0962 5 month support line”.