EUR/USD initial target at 1.0352 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s initial target remains around the mid-1.0300s for the time being.

Key Quotes

“At the end of last year EUR/USD failed just ahead of the 55 day ma at 1.0698 and starts the New Year offered below this level. This leaves our view still in the bearish camp, and we target initially 1.0352, the 20th December low. Rallies should struggle 1.0590/1.0710, initial resistance lies circa 1.0540”.

“The market last year saw a close below the 1.0467 March low and this was regarded as a major break down point to parity and .9900/the 78.6% retracement (of the move 2000 to 2008)”.