EUR/USD: Negative bias while capped at 1.1008/82 – Commerzbank

EUR/USD remains upside corrective near term. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, analyzes the EUR/USD pair technically.

Key quotes

“Rallies have reached 1.0926/41, the September and October lows and are likely to be contained by the band of moving averages at 1.1008/82. While capped here our bias will remain negative and attention should then revert to the 1.0636 recent low.” 

“Longer term the market has eroded the 35 year uptrend at 1.0782/74 on a weekly basis. Failure here is considered to be a major break down and targets 1.0340, the 2017 low.”