EUR/USD could see initial resistance at 1.1168 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, believes the pair should face initial resistance around 1.1168.

Key Quotes

“EUR/USD continues to correct higher near term. The market is expected to find that the previous 2015-2016 channel currently at 1.1168, should act as resistance”.

“While capped here, we continue to view this as a strong negative signal. It leaves the market on the road to 1.0821, the March low, and then the base of the second channel at 1.0564. Note the 1.0457 March 2015 low is also found in this vicinity together with the 1.0600 30 year support line”.

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