EUR/USD upside pressure mitigated near 1.1080 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, a return to the 1.1080 area is needed to alleviate the pair’s upside pressure.

Key Quotes

“EUR/USD appears to have already stalled ahead of the 2014-2015 resistance line at 1.1318 – we had been looking for this to hold and provoke failure. A slide back below the 1.1078/79, 20 and 200 day moving averages, should be enough to alleviate immediate upside pressure and retarget the 1.0947 4 month uptrend. For today we suspect that the market will consolidate”

“Only below 1.0947 will target 1.0821, the March low, and then the 31 year support line at 1.0642. Note the 1.0457 March 2015 low is also found in this vicinity together with the 1.0574 channel”.