EUR/USD near-term outlook positive – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted EUR/USD’s short-term outlook has shifted to positive.

Key Quotes

“The market has eroded the downtrend at 1.0615, the break looks quite directional and at this point will simply go with it. Intraday dips are indicated to hold circa 1.0665/50 and the previous downtrend should now act as support 1.0607. Immediately overhead lies the more important resistance circa 1.0820/29”.

“We stay overall negative below 1.0830. Only above 1.0830 would introduce scope to 1.0875 December high and the 200 day ma at 1.0908”.