EUR/USD immediate support lies at 1.1735 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair’s immediate support aligns in the 1.1730 area.

Key Quotes

“EUR/USD has eased back to the previous downtrend and this should provide immediate support at 1.1735. The correction higher remains in force and is capable of testing the recent high at 1.1880 and the 61.8% retracement at 1.1886. Near term dips are indicated to terminate circa 1.1740/20”.

“Should failure at 1.1880/86 be seen then we should see the market retest the 200 day ma at 1.1310”.

“Above the 1.1858/1.1910 area (early August and October highs) lies the 1.2092 September high”.