EUR/USD upside seen struggling around 1.1318 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, expects bullish attempts in the pair to find resistance around 1.1318.

Key Quotes

“EUR/USD saw a strong rebound from the end of last week from 1.0943 4 month support line”.

“The price action on Wednesday was an outside day to the topside and the market has retested the recent highs at 1.1165/87, where we suspect that the move will struggle”.

“The intraday Elliott wave is suggesting that dips will hold 1.1140/05 for another swing higher to 1.1465/95. However we have the 2014-2015 resistance line at 1.1318 and we suspect that this will hold”.