Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted upside pressure in spot should be mitigated on a break below 1.1508.
Key Quotes
“EUR/USD has eased back from resistance offered by the 1.1745/50 area and the 1.1790 recent high. These should continue to act as a tough near term barrier. A recovery above here will trigger a move to the 1.1853 mid-June high and the 1.1917 55 week ma. We suspect that the recent low at 1.1301 was a significant turn for the market”.
“Initial support lies at 1.1542 20 day ma. The cross will need to drop sub 1.1508 to alleviate immediate upside pressure. Currently near term dips lower are indicated to hold around 1.1560/20″.
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