EUR/USD still favours a rebound to 1.1500 and above – Commerzbank

As long as EUR/USD appears underpinned by the 1.1267/70 zone, there is still the chance of a recovery to the 1.1540 region and above, noted Karen Jones, head of FICC Technical Analysis at Commerzbank.

Key Quotes

“EUR/USD has again sold off and the move is now approaching the low 1.1300 region. The market remains underpinned by the 2016-2019 uptrend at 1.1307. We have additional support offered by the 1.1267/70 November and December lows. Provided that the market holds here we favour a recovery to the 1.1543 200 day ma and the 1.1623 mid October high and slightly longer term we target 1.1745, the 55 week ma”.

“Failure at 1.1267 will trigger losses to the 1.1216 recent low and the 61.8% Fibonacci retracement of the 2017-18 advance at 1.1186. Please note that we continue to regard the 1.1216 recent low as an interim low for the market”.