EUR/USD keeps the rebound alive so far – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair continues its recovery-mode and should face resistance in the 1.1830 area.

Key Quotes

“EUR/USD continues to see a small rebound from the 1.1662 August low. Intraday rallies have so far been relatively tepid and will find initial resistance at 1.1833 end of September high and the 1.1831/38 20 and 55 day moving averages. This guards the 1.1914 resistance line”.

“We would treat a break below 1.1660 as the trigger for a sell off to the mid-June high at 1.1296 and the more important 1.1110 end of May low”.

“Above 1.2092 would target the 50% retracement from the move down from the 2014 high at 1.2168 and the 1.2372 200 month ma, but if seen, that is expected to hold”.