Rallies in EUR/USD Could Falter Around 1.1465/95 – Commerzbank
8 June 2016, 10:59
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Rallies in EUR/USD Could Falter Around 1.1465/95 – Commerzbank
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s upside could find strong resistance in the 1.1465/95 band.
Key Quotes
“EUR/USD is approaching initial resistance at 1.1415/20, the 61.8% retracement and channel mid point - between here and resistance at 1.1465/95 (early April 2016 high and the October 2015 high) we should see the rally grind to a halt”.
“Provided it does so we should see a retest of the critical 1.1102/1.1058 support. This guards major support at 1.1102/1.1058 is the location of the 200 day ma, the 55 week ma, the December high, the March 16 low and the short term uptrend”.
