EUR/USD still struggling near 1.0820 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair faces strong resistance around 1.0820/26.

Key Quotes

“EUR/USD continues to struggle near term at 1.0820/26, which represents the 50% retracement and the top of the cloud, this together with 1.0875 the December high represents much tougher resistance for the market and it is starting to struggle”.

“The market is finding support at the 20 day ma at 1.0702 and we suspect will need to go below the base of the cloud at 1.0575 to negate the current push higher. Currently it appears to be in no particular hurry and we will attempt to sell the rallies”.