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Karen Jones, analyst at Commerzbank, points out that the EUR/USD pair has sold off towards 1.1110, the May 2017 low, which is the break down point to the 1.0814/78.6% retracement.

Key Quotes

“TD support on the weekly chart lies at 1.0963. Previous supports at 1.1175/85 will act as immediate resistance ahead of the 20 day ma at 1.1235. Intraday Elliott wave counts are negative and the DMI is also negative.”

“Initial resistance is the 100 day ma at 1.1336 and the resistance line at 1.1370 ahead of the 200 day ma at 1.1425. Only above the 200 day ma would this imply reversal.”