EUR/USD still remain under downside pressure – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank noted the pair’s rebound from recent lows appears tepid while the downside pressure still prevails.

Key Quotes

“EUR/USD sold off last week to the early October low at 1.1433 and as a precaution we have tightened stops to the entry point. This has held the initial test, but rebound from here has so far been pretty tepid and the market remains under near term downside pressure having failed recently at Fibo resistance at 1.1624. We look for losses to 1.1411/15, the 78.6% retracement and 2017-2018 support line. There is scope for a retest of the 1.1319 200 week ma and 1.1301 recent low. This is expected to hold the downside”.

“Only above 1.1625 will neutralise the chart again and allow for another run up to the 1.1790/1.1815 region. We continue to favour the topside but there is more work to be done”.

Oct 22, 2018

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