EUR/USD still targets 1.0352/40 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, EUR/USD stays focused on the 1.0352/40 band for the time being.

Key Quotes

“The market has again failed at its 20 day ma at 1.0618 and is directly offered below here. Resistance is reinforced by the 1.0662 3 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 1.0662 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”.