EUR/USD could retest 1.1465/95 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the likeliness of the pair to re-visit the 1.1465/95 band.

Key Quotes

“EUR/USD last week sold off to, tested and held the base of the 2016 channel, today at 1.1133”.

“The intraday Elliott wave chart is suggesting a retest of potentially 1.1465/95, where we would expect failure”.

“Provided it remains capped there our bias is negative and we should shortly see a retest of the critical 1.1133/1.1058 support. This is the 200 day ma, the 55 week ma, the December high, the March 16 low and the short term uptrend”.

“A close below 1.1058 would target 1.0821, the March low enroute to the base of the second channel at 1.0564”.