EUR/USD still struggles at 1.1300 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s continues to fail around the 1.1300 handle.

Key Quotes

“The Euro continues to hold below the 1.1300 November 2016 high, and the minor new high seen yesterday was not confirmed by the daily RSI. The near term risk is that losses will extend to the 2 month uptrend at 1.1166. Below here would allow for allow for a retracement back to circa 1.1010. This guards the 200 day ma at 1.0824. Intraday rallies are indicated to struggle circa 1.1240”.

“Above 1.1300, the market has potential to reach the highs from mid 2016 circa 1.1429 and the two year resistance line at 1.1472, however we believe it will struggle here from a longer term perspective. We note the 78.6% retracement lies at 1.1343”.