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According to Karen Jones, analyst at Commerzbank, EUR/USD has eroded the 55 day ma at 1.1050 and reached the 38.2% retracement of the move down from July (1.1083).

Key Quotes

“Near term dips should ideally be contained by 1.0990 and given that that we view the 1.0879 recent low as an interim low, we look for recovery to initially the mid September high at 1.1110.”

“A close above here would trigger another leg higher to the 200 day ma at 1.1211. Longer term the critical resistance to overcome is the top of the one year channel at 1.1396 and the 200 week ma at 1.1353.”

“Below 1.0879 we have the January 2017 low at 1.0829 and the 78.6% Fibonacci retracement of the 2017-2018 advance at 1.0814.”