In light of the recent price action, the pair is likely to hold over the 1.1070 region, in opinion of Karen Jones, Team Head FICC Technical Analysis at Commerzbank.
Key Quotes
“EUR/USD has sold off towards and is holding over the uptrend at 1.1071. The intraday Elliott wave signals remain slightly negative but ideally this trend line will continue to hold.”
“Overhead the market is facing tough resistance at 1.1184-1.1240 – namely the 55 week ma, the 2019-2020 down channel and the recent high. This guards the 200 week ma at 1.1359, which continues to represent a critical break point medium term.”
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