EUR/USD negative bias below 1.1296 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s stance remains negative while below 1.1296.

Key Quotes

“EUR/USD has moved higher and while this may have further to go on the topside, directly overhead lies the 1.1296 2014-2016 resistance line and while capped here we will maintain a negative bias.. While capped here attention will remain on the 1.0951 5 month uptrend”.

“Only below 1.0951 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”.