Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the downside pressure should return on a break below 1.1729.
Key Quotes
“EUR/USD‘s upside correction is approaching the 1.1855 Fibonacci retracement. A close back below the 20 day ma at 1.1729 should be enough to restore downside pressure to initially the 1.1616/17 May 2016 high. This guards the recent low at 1.1510 and 1.1417 the 200 week ma”.
“Above 1.1855 we look for a deeper retracement into the 1.1875/1.1990 band”.
“Below 1.1415 would introduce scope to the 61.8% retracement at 1.1186″.
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