EUR/USD seen testing 1.1216 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s downside could have an initial target at 1.1216.

Key Quotes

“EUR/USD eroded its 2 month uptrend and 20 day ma at 1.1388/72 on Friday and is expected to remain on the defensive this week”.

“We look for losses to the 1.1216 April trough. Further down lurks the 1.1144 24th March low and the 1.1060/58 December high and the March 16 low”.

“Very near term we note the TD perfected set up and would allow for a near term bounce but doubt if this will disturb the 20 day ma at 1.1369”.