EUR/USD rallies should struggle in the mid-1.0600s – Commerzbank

Pablo Piovano FXStreet

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, any bullish attempt should face strong resistance in the 1.0651/86 band.

Key Quotes

“The market failed to close below 1.0521 last week and has seen a small rebound. We look for the rally to falter ahead of the 20 day ma at 1.0651 and the 1.0686 3 month downtrend. We continue to target recent lows at 1.0352/40. Intraday a move sub 1.0545 should trigger further weakness”.

“The market will remain directly offered below short term downtrend at 1.0686. Above here lies 1.0820/29, which represents the 50% retracement and the recent February high”.

Sell 67%

Buy 33%

Avg Sell Price 1.0623

Avg Buy Price 1.0671

Liquidity Distribution

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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