Back
3 Sep 2015
EUR/USD trading under pressure - Commerzbank
FXStreet (Delhi) – Karen Jones, Research Analyst at Commerzbank notes that the EUR/USD is trading under pressure in today’s trade and the attention has reverted to the near term uptrend which is near 1.1211 levels.
Key Quotes
“EUR/USD remained on the defensive yesterday and is under pressure this morning - attention has reverted to the near term support line at 1.1211. This is now exposed and guards the base of the channel at 1.0893 (note that we have the top of the cloud base ahead of here at 1.1124).”
“Near term rallies should now struggle 1.1430, 1.1460/70. Above 1.1500 would force us to neutralise and allow for a retest of the 1.1713 recent high and the top of the channel at 1.1746.”
Recommended trade: Attempt shorts 1.1400, 1.1450, stops 1.1500.
Shorter term (1-3 weeks): High at 1.1713 viewed as an interim top.
Medium term (1-3 months): Targets 1.0560/1.0457, the 30 year channel and recent low. Then 1.0000/.9900 (6 month+ target).
Key Quotes
“EUR/USD remained on the defensive yesterday and is under pressure this morning - attention has reverted to the near term support line at 1.1211. This is now exposed and guards the base of the channel at 1.0893 (note that we have the top of the cloud base ahead of here at 1.1124).”
“Near term rallies should now struggle 1.1430, 1.1460/70. Above 1.1500 would force us to neutralise and allow for a retest of the 1.1713 recent high and the top of the channel at 1.1746.”
Recommended trade: Attempt shorts 1.1400, 1.1450, stops 1.1500.
Shorter term (1-3 weeks): High at 1.1713 viewed as an interim top.
Medium term (1-3 months): Targets 1.0560/1.0457, the 30 year channel and recent low. Then 1.0000/.9900 (6 month+ target).