EUR/USD faces strong resistance near 1.1270 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s upside could struggle around 1.1270.

Key Quotes

“EUR/USD probed higher yesterday but will shortly encounter much tougher resistance, namely the 1.1273 2014-2016 resistance line – this is expected to provoke failure and while capped here we will maintain a negative bias. This will leave attention still focused on the 1.0956 5 month uptrend”.

“Initial support is 1.1046 but only below 1.0956 will target 1.0821, the March low, and then the 31 year support line at 1.0642. Note the 1.0457 March 2015 low is also found in this vicinity together with the 1.0574 channel”.