EUR/USD now looks to 1.2155 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair needs to close below 1.2155 in order to reignite downside interest.

Key Quotes

“EUR/USD has recently eroded the 1.2272 2017-2018 uptrend, and yesterday eroded the base of the short term triangle. We suspect that in order to really generate some downside interest that we will need to see a close below the 1.2155 February low (favoured). We look for the cross to remain capped by the near term resistance line at 1.2418 and maintain a negative stance below here. Intraday rallies are indicated to fail at circa 1.2240/75”

“Above 1.2418 lies the March highs at 1.2447/76”.

“Our bearish bias is maintained while capped by the 2008-2018 resistance line at 1.2622”.