EUR/USD rallies seen struggling near 1.1850 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s occasional bullish attempts should find strong resistance in the mid-1.1800s for the time being.

Key Quotes

“EUR/USD has recently eroded the 5 month uptrend and the 1.1836/23 September lows and in doing so has negated the up move. We have minor Fibo support at 1.1736, but rallies from here are indicated to terminate circa 1.1850 and below here should trigger losses initially to the 1.1662 August low and then the mid-June high at 1.1296 and the more important 1.1110 end of May low. Intraday rallies should fail ahead of 1.1919, the 20 day ma”.

“Above 1.2092 would target the 50% retracement from the move down from the 2014 high at 1.2168 and the 1.2372 200 month ma, but if seen, that is expected to hold”.