EUR/USD Upside Could Struggle Around 1.1425 – Commerzbank
Karen Jones, Head of FICC Technical Analysis at Commerzbank, occasional bullish attempts in the pair should face resistance around 1.1425.
EUR/USD has seen initial failure at resistance offered by 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 look for the market to remain capped”.
“Provided it does fail here we should see a retest of the critical 1.1107/1.1058 support. This is the 200 day ma, the 55 week ma, the December high, the March 16 low and the short term uptrend”.
“Ideally intraday rallies will find immediate resistance 1.1425. Initial support lies at 1.1216, the 25th April low. The 1.1058 support is expected to act as the break down point to the second channel at 1.0564”.