EUR/USD remains vulnerable – Commerzbank

In light of the recent price action, the pair is poised to remain under pressure, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“EUR/USD has started to erode its 2 month uptrend and 20 day ma at 1.1388/72”. 

“Rallies are expected to remain muted and we look for the market to remain under pressure following its recent rejection at resistance offered by the top of 2 channels – these are located at 1.1656/1.1740 and are reinforced by the August 2015 high at 1.1713”.