EUR/USD near term outlook remains negative – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, EUR/USD’s perspective is still leaning towards the negative side.

Key Quotes

“The Euro is weighing on the downside by trading below channel support and cloud support (1.0584). A close below these 2 supports would be deemed very negative. We target 1.0494 the March low then 1.0352/40 the January low. We note the 13 count on the intraday chart and would allow for a very near term rebound towards 1.0669/1.0718 ahead of further losses”.

“A close above the 200 day ma at 1.0855 would put the 1.0978/50% retracement back on the agenda”.