Search ForexCrunch

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the 1.1745/50 band remains a very tough resistance.

Key Quotes

EUR/USD appears reluctant to tackle resistance offered by the 1.1745/50 area and the 1.1790 recent high. This has rejected the market many times and remains formidable resistance. A close above here is needed to trigger a move to the 1.1853 mid-June high and the 1.1907 55 week ma. We continue to view the recent low at 1.1301 as a significant turn for the market. Dips lower will find initial support at the 1.1624 near term support line”.

“The cross will need to drop sub 1.1508 to alleviate immediate upside pressure”.