EUR/USD could still challenge 1.1296 – Commerzbank

According to Karen Jones, Head of FICC Technical analysis at Commerzbank, there is still the likeliness of a test of 1.1296, where the pair’s upside is expected to struggle.

Key Quotes

“EUR/USD has made further gains and is now approaching tougher resistance, it is well placed to challenge the 1.1296 2014-2016 resistance line – this is expected to provoke failure and while capped here we will maintain a negative bias.. This will leave attention still focused on the 1.0952 5 month uptrend”.

“Only below 1.0952 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”.