EUR/USD interim top at 1.2566 – Commerzbank

Following the recent price action in spot, Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the 1.2566 level could be regarded as an interim top.

Key Quotes

“EUR/USD remains under pressure following the recent erosion of its 2017-2018 uptrend and the base of the short term triangle. We continue to regard the 1.2566 recent high as an interim top and 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 1.2412 and maintain a negative stance below here. Intraday rallies are indicated to fail at circa 1.2215/50”.

“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”.