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Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair could attempt a rebound to the 1.1770/75 band.

Key Quotes

EUR/USD last week tested and bounced off the 1.1510 May low and in fact charted a key day reversal. The daily RSI also did not confirm the new low and there is a loss of downside momentum, and we will allow for a corrective rebound”.

“It is possible that we will see a rally towards the 1.1773 resistance line, this guards the recent high at 1.1853/55. We continue to target the 200 week ma at 1.1400. We would expect this to hold the initial test and provoke some profit taking. Below 1.1400 would introduce scope to the 61.8% retracement at 1.1186. Rallies will now find the 20 day ma at 1.1674 offer initial resistance and we would expect 1.1855 to cap for a negative bias to remain entrenched”.