EUR/USD faces the next hurdle at 1.1197 ahead of 1.1283 – Commerzbank

Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, highlighted the next significant resistance levels for EUR/USD.

Key Quotes

“EUR/USD continues to sit just below the 200 day ma at 1.1197 and the top of the channel at 1.1283. The 55 week ma offers additional resistance at 1.1248. We look for dips lower to hold over 1.1073 and 1.1044 (55 day ma)”.

“Longer term the critical resistance to overcome is the 200 week ma at 1.1356 and while we would allow for this zone of resistance to hold the initial test, longer term we look for a break higher to feature. This will target 1.1520/70, the 2019 high, as a minimum”.