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Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, noted that EUR/USD faces initial contention around the 1.1936 level.

Key Quotes

EUR/USD has reached 1.2145, the 78.6% retracement and this may provoke some consolidation, it is also the break up point longer term to 1.2622, the 200 month moving average, this remains our overall target. We have additional 13 counts on the intraday charts and TD resistance at 1.2175/1.2204.and will attempt to buy the dips. Dips should find initial support at 1.1936 and good nearby support at the 1.1800/09 November 23 low and the 55 day ma. EUR/USD will remain bid while above the six month support line at 1.1749.”