According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the recent performance in spot could open the door for a probable test of lows in the 1.1300 neighbourhood.
Key Quotes
“EUR/USD has failed at Fibo resistance at 1.1624 and we would allow for some further near term weakness. Initial support at 1.1508 has been eroded and we look for losses to 1.1411, the 78.6% retracement. There is scope for a retest of the 1.1301 recent low”.
“Only above 1.1625 will neutralise the chart again and allow for another run up to the 1.1790/1.1815 region. We continue to favour the topside but there is more work to be done”.
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