EUR/USD stays upside corrective – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the outlook on EUR/USD is corrective in the near term.

Key Quotes

“The Euro is continuing to see an upside corrective rebound very near term. The rebound is gaining traction and will need to drop back below 1.0675 to alleviate immediate upside corrective pressure. Failure at nearby Fibonacci support at 1.0555 should be enough to trigger weakness to the 1.0494 the March low then 1.0352/40 the January low. Our bias stays negative”.

“A close above the 200 day ma at 1.0843 would put the 1.0978/50% retracement back on the agenda”.