EUR/USD faces strong resistance at 1.1303/66 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis Research at Commerzbank, the pair’s upside should find a strong hurdle in the 1.1303/66 band.

Key Quotes

“EUR/USD is seeing a small rebound from the 200 day ma at 1.1148. The market faces immediate tough resistance offered by the five month resistance line at 1.1303, which is reinforced by 1.1366 the August high. Longer term it targets the seven month support line, currently at 1.0985, and also the March low at 1.0826. Near term rallies are indicated to terminate circa 1.1215”.

“The 200 day moving average, now at 1.1149 is still expected to eventually give way. Once slid through, the seven month support line at 1.0985 will be targeted next, together with the June and July lows at 1.0952/12”.