EUR/USD upside could struggle around 1.1318 – Commerzbank

Karen Jones, Head of FICC  Technical Analysis at Commerzbank, sees the pair’s upside struggling in around 1.1318.

Key Quotes

“EUR/USD continues to push higher from 1.0945, the 4 month support line. The market has overcome the recent highs at 1.1165/87, directly above here we have the 2014-2015 resistance line at 1.1318 and we suspect that this will hold and provoke failure”.

“A slide back below the 1.1060/74 20 and 200 day moving averages, should be enough to alleviate immediate upside pressure. Only below 1.0943 will target 1.0821, the March low, and then the 31 year support line at 1.0642. Note the 1.0457 March 2015 low is also found in this vicinity together with the 1.0574 channel”.