EUR/USD near-term outlook neutral/positive – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted EUR/USD’s outlook stays neutral to positive in the short term.

Key Quotes

“The market has recently eroded the 4 month downtrend, the break looks quite directional and at this point will simply go with it. Intraday dips are indicated to hold circa 1.0650/20 and the previous downtrend should now act as support 1.0600. Immediately overhead lies the more important resistance circa 1.0820/29 and the market is expected to struggle here”.

“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”.