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1 May 2018
EUR/USD bearish below 1.2155 – Commerzbank
The pair’s stance is expected to remain bearish while below 1.2155, according to Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“EUR/USD remains under pressure and has now closed below 1.2092. We may see a small bounce from here but this is expected to remain tepid and we will maintain an immediate bearish bias below the 1.2155 February low”.
“Near term rallies should be tepid and ideally contained by 1.2155/1.2225. Initial support is the 200 day ma at 1.2015. Longer term we will allow for losses back to the 55 week ma at 1.1812. The 1.2215 5th April low maintains immediate bearish pressure”.
“Our overall bearish bias is maintained while capped by the 2008-2018 resistance line at 1.2622”.