EUR/USD: rallies could struggle around 1.1270/1.1300 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, believes bullish attempts could remain capped by the 1.1270/1.1300 band in the near term.

Key Quotes

“EUR/USD remains under pressure and has started to erode the 1.1216 April low”.

“This guards the 1.1144 24th March low and the 1.1060/58 December high and the March 16 low”.

“Very near term we look for rallies to remain capped by 1.1270/1.1300. Our initial target is the base of the 6 month channel at 1.1035 and this is expected to act as the break down point to the second channel at 1.0561”.