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The EUR/USD pair is under pressure, trading closer to 1.17. The next target on the downside aligns at the 1.1689 mid-October low, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.

Key quotes

“EUR/USD slid to the November 11 low at 1.1745 as expected with the mid-October low at 1.1689 being next in line. Further down still beckons the 1.1641/02 zone, made up of the 55-week ma and the September and November lows.”  

“Longer-term, we will be looking for reversal in the 1.1600 zone.”

“Rallies should find initial resistance along the one month downtrend line at 1.1836 and also along the 200-day ma at 1.1871. This guards the more important 1.1990/1.2014 pivot.”