EUR/USD on a corrective rebound – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the ongoing rebound in the pair.

Key Quotes

“EUR/USD continues to hold side ways to higher just above the November 2015 low at 1.0523, which was recently tested but held on a closing basis. The market is seeing a small corrective rebound, which is struggling to clear the 23.6% retracement at 1.0700/02. The 38.2% retracement lies at 1.0816 and is likely to cap the market. We then favour a slide lower. Below 1.0523/18 lies the March 2015 low at 1.0457 lies parity”.

“Adding to the weight of resistance - the March low can be seen at 1.0821 and the October low at 1.085, our negative bias remains entrenched below here”.