EUR/USD upside pressure alleviated below 1.1508 – Commerzbank

Pablo Piovano FXStreet

Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair needs to retreat below 1.1508 to mitigate upside pressure.

Key Quotes

“EUR/USD is poised to encounter resistance offered by the 1.1745/50 area and the 1.1790 recent high. This has rejected the market many times and remains formidable resistance. A close above here is needed to trigger a move to the 1.1853 mid-June high and the 1.1907 55 week ma. We continue to view the recent low at 1.1301 as a significant turn for the market”.

“The cross will need to drop sub 1.1508 to alleviate immediate upside pressure”.

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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