EUR/USD offered below 1.2323/39 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s stance remains offered as long as it trades below the 1.2323/39 band.

Key Quotes

“EUR/USD is sitting right on the 1.2224 2017-2018 uptrend, we will need a weekly close below here and preferably a close below the 1.2155 Feb 2018 low to confirm a break down/top formation. Near term the market remains capped by the 20 and 55 day moving averages at 1.2323/1.2339 and stays offered below here”.

“Above the 2008-2018 resistance line at 1.2622 lies the 1.3190 50% retracement of the move down from 2008 (not favoured)”.