EUR/USD could test 1.1120/1.1058 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair remains poised for a test of the 1.1120/1.1058 band.

Key Quotes

“EUR/USD is struggling with the 55 day ma at 1.1312 very near term and maintains a negative bias. We are looking for a retest of the critical 1.1120/1.1058 support. This is the 200 day ma, the 55 week ma, the December high, the March 16 low and the short term uptrend”.

“We note the 13 count on the 240 minute chart, but currently rallies are likely to struggle 1.1250. The 1.1058 support is expected to act as the break down point to the second channel at 1.0564”.