EUR/USD negative below 1.2415 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair’s outlook should remain negative while below 1.2415.

Key Quotes

“EUR/USD has recently eroded its 2017-2018 uptrend and the base of the short term triangle, this is negative price action. We suspect that in order to really generate some downside interest that we will need to see a close below the 1.2155 February low (favoured). We look for the cross to remain capped by the near term resistance line at 1.2415 and maintain a negative stance below here. Intraday rallies are indicated to fail at circa 1.2240/75”.

“Above 1.2415 lies the March highs at 1.2447/76”.

“Our bearish bias is maintained while capped by the 2008-2018 resistance line at 1.2622”.