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EUR/USD faces initial hurdle at 1.1132 – Commerzbank

According to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, the pair faces the next hurdle at the 200-day SMA in the 1.1130 region.

Key Quotes

EUR/USD continues to hold over the uptrend at 1.1073. The intraday Elliott wave signals remain slightly negative but ideally this trend line will continue to hold. Initial resistance is the 1.1132 200 day ma.”

“Overhead the market is facing tough resistance at 1.1184-1.1240 – namely the 55 week ma, the 2019-2020 down channel and the recent high. This guards the 200 week ma at 1.1359, which continues to represent a critical break point medium term.”

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