EUR/USD expected to hold around 1.1102/1.1058 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s decline could face initial support in the 1.1102/1.1058 band.

Key Quotes

“EUR/USD’s bounce last week failed to make any impression on its first resistance at 1.1216 the 25th April low, leaving immediate attention on support”.

“We start today sitting on the 1.1102/1.1058 key support. This is the location of the 200 day ma, the 55 week ma, the December high, the March 16 low and the short term uptrend”.

“This is major support and it is possible that it will again hold. Very near term we look for rallies to remain capped by 1.1280/1.1332”.