Karen Jones, Head of FICC Technical Analysis at Commerzbank, does not rule out another visit to the 1.1508/10 band.
Key Quotes
“EUR/USD has spent much of the last 2 weeks stuck below resistance offered by the 1.1745/50 area and the 1.1790 recent high. A recovery above here is needed to trigger a move to the 1.1853 mid-June high and the 1.1910 55 week ma. Meanwhile we remain unable to rule out a retest of the 1.1508/10 May and June lows. We suspect that the recent low at 1.1301 was a significant turn for the market”.
“The cross will need to drop sub 1.1508 to alleviate immediate upside pressure”.
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