EUR/USD should meet strong resistance at 1.2450/76 band – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s upside should face tough resistance in the 1.2450/76 area.

Key Quotes

“EUR/USD continues to recover within its range following its failure to CLOSE below the 1.2257 2017-2018 uptrend. We preferably need to see a close below the 1.2155 Feb 2018 low to confirm a break down/top formation. Near term the market should find tougher resistance in the 1.2450/765 band”.

“Intraday Elliott wave counts are positive but suggest that the rally will fail well ahead of the 1.2556 February high and the 1.2622 long term downtrend”.

“Above the 2008-2018 resistance line at 1.2622 lies the 1.3190 50% retracement of the move down from 2008 (not favoured)”.