Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair needs to clear the 1.1264/87 band to mitigate downside pressure.
Key Quotes
“EUR/USD has spent the past month subdued by the 55 day moving average at 1.1222, it is on the defensive but equally appears to be reluctant to sustain a break below 1.1106. We need to overcome the 55 day moving average, the recent high at 1.1264 and the 2018-2019 downtrend at 1.1287 in order to alleviate downside pressure and reassert upside interest. This is likely to take several attempts”.
“Be advised that as long as the recent lows at 1.1110/06 hold on a closing basis the pattern being traced out is a potential large bullish reversal pattern”.
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