EUR/USD bearish view unchanged – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, reiterated the bearish outlook on the pair.

Key Quotes

“EUR/USD continues to see a slight recovery, but this is not enough to impact on the chart, and leaves our bearish bias intact. The previous channel – now located at 1.1207, is acting as nearby resistance and maintains our negative bias”.

“It leaves the market eyeing 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”.

“Initial resistance is the channel at 1.1207 and we look for the market to fail here. Above here lies 1.1231 the 61.8% retracement of the post Brexit move”.