EUR/USD rebound could fail around 1.0660/80 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, occasional bullish attempts in spot are likely to struggle in the 1.0660/80 area.

Key Quotes

“EUR/USD has again tested and held the 1.0525/05 band and it is currently seeing a rebound from here – this is likely to struggle on moves to the 1.0660/80 band”.

“We remain overall negative and last week the market briefly spiked up to 1.0875, this was exhaustive price action and attention has reverted to support at 1.0505 and 1.0467, the recent low and the March low. This remains a major break down point to parity and beyond”.

“Above 1.0680 would allow for a retest of the 1.0850/75 recent spike high”.