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Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, noted the outlook on the pair is now neutral to negative.

Key Quotes

EUR/USD last week eroded the 3 month uptrend. The intraday Elliott wave signals remain slightly negative and this leaves attention on the downside to initially the 1.0981 29th November low. More importantly it has left our bias neutral to negative. Very near term we note the 13 counts on the intraday charts and suspect that we will see a small rebound ahead of further weakness. This should terminate around 1.1075.”

“Below 1.0980 will imply a retest of 1.0879, the October low.”