EUR/USD: Relatively side lined near term – Commerzbank

Sandeep Kanihama FXStreet Contributor

Karen Jones, Analyst at Commerzbank, suggests that the EUR/USD market is relatively neutral after it has remained side lined near term as the pair is currently unable to maintain a leg higher or sustain a slide lower.

Key Quotes

“We maintain for now a slight upside bias. The market needs to overcome the November high at 1.1500 to alleviate immediate downside pressure and allow for gains to 1.1555/1.1622 (2018 downtrend and 16th October high). Dips lower will ideally be contained by the 1.1262 level – this guards the 1.1216 November low.”

“Below the 1.1216 November low lies the 61.8% Fibonacci retracement of the 2017-18 advance at 1.1186. Failure there would put the late May and June 2017 lows at 1.1119/10 on the cards.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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