EUR/USD expected to struggle at 1.1465/95 if seen – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the pair losing traction around the 1.1465/95 band if seen.

Key Quotes

“EUR/USD sold off to, tested and held the base of the 2016 channel, today at 1.1129”.

“It remains capped by the 55 day ma at 1.1308 and this offers initial resistance, however the intraday Elliott wave chart is suggesting a retest of potentially 1.1465/95, where we would expect failure”.

“Provided it remains capped there our bias is negative and we shall shortly see a retest of the critical 1.1129/1.1058 support”.

“This is the 200 day ma, the 55 week ma, the December high, the March 16 low and the short term uptrend. A close below 1.1058 would target 1.0821, the March low enroute to the base of the second channel at 1.0564”.