EUR/USD interim resistance lies at 1.1235 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, bullish attempts in the pair should face initial resistance in the 1.1230 region.

Key Quotes

“The Euro is consolidating/easing back from the 1.1300 November high. We suspect that this will remain tepid and r while dips lower hold over the near term uptrend at 1.1022, the market remains in a longer term bull trend and will need to close below here to question that. Currently the uptrend is indicated to hold”.

“Rallies will find interim resistance at 1.1235 ahead of 1.1268 and 1.1300. Above 1.1300, the market has potential to reach the highs from mid 2016 circa 1.1400, however we believe it will struggle here from a longer term perspective. We note the 78.6% retracement lies at 1.1343”.