EUR/USD attention to the 1.1858/1.1910 band – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s remains focused on the key 1.1858/1.1910 band for the time being.

Key Quotes

“EUR/USD is starting to inch higher, so far no resistance of note has been eroded – the outlook remains negative while capped by the current October highs and early August high at 1.1858/1.1910. Recent lows at 1.1730/25 remain exposed. Below here key support can be seen at 1.1669/62 and failure at these August and current October lows would confirm a top formation and trigger a sell-off to the mid-June high at 1.1296 and the more important 1.1110 end of May low”.

“Above the 1.1858/1.1910 area (early August and October highs) lies the 1.2092 September high”.

“Above 1.2092 would target the 50% retracement from the move down from the 2014 high at 1.2168 and the 1.2383 200 month ma, but if seen, that is expected to hold”.