EUR/USD stays offered below 1.0604 – Commerzbank
EUR/USD keeps the offered bias intact as long as it trades below 1.0604, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.
“Last weeks low at 1.0494 is exposed. The market has again failed at its 20 day ma at 1.0604 and is directly offered below here. Resistance is reinforced by the 1.0654 4 month downtrend and we continue to target recent lows at 1.0352/40”.
“The market will remain directly offered below the short term downtrend at 1.0654 and last weeks high at 1.0679. Above here lies 1.0820/29, which represents the 50% retracement and the recent February high”.
“Only above 1.0830 would introduce scope to 1.0875 December high and the 200 day ma at 1.0955”.