EUR/USD rebound likely near term – Commerzbank

Karen Jones, Head of FICC Technical Analysis at  Commerzbank, the pair could now attempt a rebound following the recent sell-off.

Key Quotes

“EUR/USD remains under pressure, not only has the market traded through and closed below the 1.2155 February low. It has also eroded the 1.2092, the September 2017 low – this has held on a closing basis and we may see a small bounce from here”.

“This should be tepid and ideally contained by 1.2185. Initial support is the 200 day ma at 1.2013. Longer term we will allow for losses back to the 55 week ma at 1.1812. The 1.2215 5 th April low maintains immediate bearish pressure”.

“Our overall bearish bias is maintained while capped by the 2008-2018 resistance line at 1.2622”.