EUR/USD remains capped by 1.1272/85 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s upside still appears capped by the 1.1272/85 band.

Key Quotes

“EUR/USD has again paused head of the 1.1272 resistance line and the 1.1285 15th September high. This protects the 1.1366 August high. Only an unexpected rise above here would introduce scope to 1.1416/65, the mid-April and June highs. We are slightly biased to 1.1272/85 continuing to cap”.

“Failure at 1.1275/85 will retarget the 1.1123 31st August low. Below here, the seven month support line at 1.0998 will be targeted next, together with the June and July lows at 1.0952/12”.