EUR/USD: rallies continue to fail above 1.1200 – Commerzbank
|Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted that bullish attempts continue to struggle above the 1.1200 handle.
Key Quotes
“The Euro has failed at the 20 day ma and again sold off to the base of the channel at 1.1138. Rallies are struggling to overcome the 20 day ma at 1.1208 and we look for failure here. Below 1.1138 channel should be enough to trigger losses to the 1.1070/23.6% retracement of the move higher this year and then the 55 day ma at 1.0986”.
“Rallies are likely to find initial resistance offered by the 20 day ma at 1.1208/35 and remain capped by 1.1300”.
“Above 1.1300, the market has potential to reach the highs from mid 2016 circa 1.1429 and the two year resistance line at 1.1472, however we believe it will struggle here from a longer term perspective. We note the 78.6% retracement lies at 1.1343”.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.