The correction lower in EUR/USD could extend to the 1.1345/00 band, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“EUR/USD spent last week consolidating below the 1.1411 55 week moving average. We would allow for only a small near term retracement into the 1.1345/00 band and beyond this we look for further gains. Above 1.1416 we look for a test of the 1.1570 2019 high. Slightly longer term we target 1.1815/54 (highs from June and September 2018)”.
“Initial support lies at 1.1348 the 7 th June high ahead of 1.1176 the 7th March high”.
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