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Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the recovery in the pair is now expected to test the 1.1461/66 band.

Key Quotes

EUR/USD has tested and bounced from the 1.1315 200 week ma and 1.1301 recent low. This is expected to hold the down side. We look for a test of the 20 day ma at 1.1461 and the 6 week downtrend at 1.1466. A close above here will be needed for a recovery to the 200 day ma at 1.1568 and the 1.1623 mid October high”.

“Below 1.1300 we have a pivot line back to 2015 which is located at 1.1264 this week . This guards the 61.8% retracement at 1.1185″.