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EUR/USD remains under pressure below 1.17 and is ready to fall toward 1.1612, according to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.

Key quotes

“EUR/USD has recently failed at the 21st September high at 1.1871 and has now eroded the 1.1688 low from last week. Failure here increases near-term risk on the downside and implies losses to the recent low at 1.1612. Intraday Elliott wave counts are now negative and implying scope even for this to be eroded.” 

“Below 1.1612 would target the 1.1495 March high, which, if seen, is expected to hold.”

“Intraday rallies are indicated to be likely to fail 1.1700/30, and above here lies the 55-day ma at 1.1793, we will assume a negative bias below here.”