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Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair is expected to hold and reverse around the 1.1466/11 area.

Key Quotes

EUR/USD sold off and started to erode a 5 month pivot line at 1.1466 yesterday. It continues to weigh on the downside. Between here and 1.1411, the 78.6% retracement, we will ideally see the market hold and reverse. We note that the Elliott wave count is still labelling this as corrective only. Rallies will find initial resistance at 1.1597/1.1631, the 20 and 55 day ma and only above here will allow for another run up to the 1.1790/1.1815 region”.

“This is seen as the last defence for the 1.1330 200 week ma and the 1.1301 recent low”.