Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, suggested the pair could regain some upside interest on a surpass of the 1.1360/77 band.
Key Quotes
“EUR/USD saw only a brief slide below 1.1100 last week and quickly recovered. It is contained within a down channel the top of which lies at 1.1377 and is reinforced by the 55 week ma at 1.1360. Only a close above here will negate downside pressure and restore upside interest. Below the 1.0967 2018-2019 support line lies the 78.6% retracement at 1.0814/78.6% retracement”.
“Initial resistance lies at 1.1176/88 (mid June low and March low) and only a close above here would signal recovery to the 55 day ma at 1.1231 and the highs from last week at 1.1285. But while capped here it will remain on the defensive”.
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