EUR/USD Offered Below 1.1216 – Commerzbank
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s stance remains offered while below 1.1216.
“EUR/USD is starting to bounce from the critical 1.1102/1.1058 key support. This is the location of the 200 day ma, the 55 week ma, the December high, the March 16 low and the short term uptrend”.
“This is major support and we are not surprised to see it hold the initial test”.
“Initial resistance lies at 1.1216 the 25th April low, the market remains directly offered below here. The base of the 6 month channel is expected to act as the break down point to the second channel at 1.0564”.