EUR/USD still capped by 1.0615 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, EUR/USD keeps the negative stance while below 1.0830.

Key Quotes

“The market has remained capped by the downtrend at 1.0615, despite yesterdays rally. Focus remains on last weeks low at 1.0494. Below here we continue to target recent lows at 1.0352/40”.

“The market will remain directly offered below the short term downtrend at 1.0615 and recent high at 1.0679. Above here lies 1.0820/29, which represents the 50% retracement and the recent February high”.

“We stay negative below 1.0830. Only above 1.0830 would introduce scope to 1.0875 December high and the 200 day ma at 1.0955”.