EUR/USD could rebound to the 1.1860/1.1930 band – Commerzbank

Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, noted EUR/USD could extend the bounce to the 1.1860/1.1930 zone.

Key Quotes

“EUR/USD has eroded its short term downtrend and is upside corrective near term. We would allow for a rebound into the 1.1860/1.1930 band. It will face tougher overhead resistance at 1.1884/82, the highs from last week and the 23.6% retracement and currently we are looking for the 200-day ma at 1.2008 to cap the topside.”

“Below 1.1750 attention will revert to the September, November and March lows at 1.1704/1.1600.”