EUR/USD now looks to 1.2155 – Commerzbank

Pablo Piovano FXStreet

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair needs to close below 1.2155 in order to reignite downside interest.

Key Quotes

“EUR/USD has recently eroded the 1.2272 2017-2018 uptrend, and yesterday eroded the base of the short term triangle. We suspect that in order to really generate some downside interest that we will need to see a close below the 1.2155 February low (favoured). We look for the cross to remain capped by the near term resistance line at 1.2418 and maintain a negative stance below here. Intraday rallies are indicated to fail at circa 1.2240/75”

“Above 1.2418 lies the March highs at 1.2447/76”.

“Our bearish bias is maintained while capped by the 2008-2018 resistance line at 1.2622”.

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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