EUR/USD now focused on 1.1144 – Commerzbank

The recent drop in the pair has opened the door for a potential test of the 1.1140 area, according to Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“EUR/USD remains under pressure and the erosion of the 1.1216 April low has left attention on the 1.1144 24th March low and the 1.1060/58 December high and the March 16 low. Our initial downside target is the 1.1037 channel”.

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