EUR/USD focused on 1.1510/08 – Commerzbank

Pablo Piovano FXStreet

The pair remains on the defensive and stays focused on the 1.1510/08 band, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“EUR/USD continues to ease back from the 55 day ma at 1.1711. For now we will assume while below here and below last week’s high at 1.1790, a downside bias remains. The market remains on the defensive currently and attention stays on the 1.1510/08 recent lows and below here lies the 200 week ma at 1.1382”.

“A recovery above 1.1790 will target 1.1855. Above 1.1855 we look for a deeper retracement to the 1.1930 55 week ma, with scope for the 1.1986 200 day ma, where we suspect that it will fail”.

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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