EUR/USD still looks to 1.0592 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, EUR/USD’s stance remains negative and is still focused on the 1.0590 region.

Key Quotes

“No change the euro is oscillating around its the 55 day ma at 1.0675. The cross last week failed at its 200 day ma and we maintain a negative bias. Rebounds from here are likely to be pretty tepid and we look for losses to the base of the short term channel at 1.0591 and please note cloud support on the daily chart kicks in circa 1.0625 and we suspect losses will be slow. Intraday rallies are indicated to now remain capped by 1.0700/10”.

“A close above the 200 day ma at 1.0863 would put the 1.0978/50% retracement back on the agenda”.