EUR/USD attempting a small rebound – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair is now trying to bounce although up ticks should stay contained by the 1.1880 area.

Key Quotes

“EUR/USD has sold off towards the 1.1662 August low, we would allow for this to hold the initial test, we are currently seeing a small rebound. We would treat a break below here as the trigger for a sell off to the mid-June high at 1.1296 and the more important 1.1110 end of May low. Intraday rallies will find initial resistance at 1.1830 55 day ma and remain contained by the 20 day ma at 1.1885”.

“Above 1.2092 would target the 50% retracement from the move down from the 2014 high at 1.2168 and the 1.2372 200 month ma, but if seen, that is expected to hold”.