EUR/USD scope persists for a test of 1.0821 – Commerzbank

Pablo Piovano FXStreet

According to Karen Jones, Head of FICC Technical Analysis at Commerbank, the pair’s outlook remains negative with the door open for a test of the 1.0820 area.

Key Quotes

“EUR/USD is currently holding steady, the market has seen a small rebound which has so far stalled at the 1.0952 July low and the market remains directly offered below here. Beyond this it should continue to weigh on the downside and leave attention on the next support – namely the 1.0821 the March low. This was also the May 2015 low and is a short term pivot for the market and it is now exposed. Below here we target the 1.0682 32 year support line”.

“Intraday rallies are likely to now struggle at the 1.0952 July low. The market will stay directly offered while below last weeks high at 1.1040. Resistance above here comes in at the 1.1105/23 August, September and October 7^th lows”.

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.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.