EUR/USD up ticks should struggle near 1.1830 – Commerzbank

In light of the recent price action, occasional bullish attempts in the pair should find strong resistance in the 1.1830/35 band, according to Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“EUR/USD last week sold off to and held the initial test of the 1.1662 August low. Intraday rallies have so far been relatively tepid and will find initial resistance at 1.1833 end of September high”.

“We would treat a break below 1.1660 as the trigger for a sell off to the mid-June high at 1.1296 and the more important 1.1110 end of May low”.

“Above 1.2092 would target the 50% retracement from the move down from the 2014 high at 1.2168 and the 1.2372 200 month ma, but if seen, that is expected to hold”.