EUR/USD faces initial resistance at 1.1160 - Commerzbank

Pablo Piovano FXStreet

Karen Jones, Team Head FICC Technical Analysis at Commerzbank, noted EUR/USD remains under pressure, while it needs to regain the 1.1321/58 band to reignite upside pressure.

Key Quotes

“EUR/USD came under increasing downside pressure last week and has sold off to the base of its down channel at 1.0941. We have a 13 count on the weekly chart plus the weekly RSI has not confirmed the new low so caution is warranted. Below here lies the 78.6% retracement at 1.0814”.

“Nearby resistance is the near term downtrend at 1.1160 and the 200 day ma at 1.1275, but key resistance is 1.1328/51, the 2018-2019 down channel and the 55 week ma. A weekly close above this latter level is needed to negate downside pressure”.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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