EUR/USD faces major support at 1.0600 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the significant support that lies ahead for the pair at 1.0600.

Key Quotes

“EUR/USD has reached 1.0682, the 30 year uptrend directly below here lies the 2015-2016 uptrend at 1.0600. This is major support and it should hold the initial test. We note the TD perfected set up and this adds weight to the idea that this will hold. Initial resistance is the 1.0821 March low and the 1.0851 October low ahead of the 20 day ma at 1.0920”.

“Only above1.0920 would alleviate extreme downside pressure for a retest of the 1.1123/25 August and September lows, but even this would not negate our negative bias”.