EUR/USD negative below 1.1163 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s outlook remains negative below 1.1163.

Key Quotes

“EUR/USD continues to consolidate tightly side ways. The market remains capped by the 200 day ma at 1.1099, last week the market eroded the 2015-2016 channel currently at 1.1163 and 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”.