EUR/USD support likely to emerge at 1.0679/58 – Commerzbank
|Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted EUR/USD should find support in the 1.0679/58 band.
Key Quotes
“The cross is easing back from a key band of resistance offered by the 1.0829 February high, the 1.0851 October low, 1.0875 December high and 1.0884 200 day moving average. In this area it is likely to stall, however upside risks are growing. Dips should find support between the 1.0679 mid-February high and the 55 day moving average at 1.0658”.
“We stay overall neutral to negative below 1.0830/84. Should this be breached we would have to allow for the 1.0978/1.1000 region to be reached. This area is where the 100% Fibonacci extension of the January-to-February advance, projected from the February low, coincides with the 50% retracement of the move down from the May peak”.
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