Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair could slip back and test the 1.1319/01 region.
Key Quotes
“EUR/USD remains on the defensive following its recent failure at the 20 day ma at 1.1513 and has eroded support at 1.1411/15, the 78.6% retracement and 2017-2018 support line. At this point we will assume that there is scope for a retest of the 1.1319 200 week ma and 1.1301 recent low. This is expected to hold the down side. There is not a good entry point with a stop and we will stand aside today”.
“Initial resistance is the 20 day ma and this guards the 1.1623 mid October high”.
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