Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair remains under pressure and could test the 1.1319/01 area.
Key Quotes
“EUR/USD remains under pressure following its recent failure at the 20 day ma at 1.1499 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. We will attempt to buy this dip”.
“Initial resistance is the 20 day ma and this guards the 1.1623 mid October high”.
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