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Axel Rudolph, Senior Analyst at Commerzbank, noted the pair could try to stabilize in the 1.1300/60 band, while the key level on the upside remains at 1.1790.

Key Quotes

EUR/USD has broken down from its converging triangle and practically reached the 200 week moving average at 1.1360. Between it and the November 2016 high at 1.1300 we expect the currency pair to at least short-term stabilize”.

“Good resistance comes in at the May and June lows at 1.1508/10″.

“On the topside the key level is 1.1790, the July peak, a recovery above which would target the 38.2% Fibonacci retracement at 1.1855. Above 1.1855 we would look for a deeper retracement to the 55 week moving average at 1.1935 with scope for the 200 day moving average at 1.1976 to be touched as well. There we would suspect the cross to fail, though”.