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Karen Jones, analyst at Commerzbank, explains that the EUR/USD pair has continued to rebound from 1.1110, the May 2017 low.

Key Quotes

“The rebound has so far been tepid but we would allow for a test of the 20 day ma at 1.1233. Intraday Elliott wave counts are negative. Support at 1.1110 is regarded as the break down point to 2019-2019 support line (connects the lows) at 1.1059, the 1.0963 TD support and the 1.0814/78.6% retracement.”

“Initial resistance is the 100 day ma at 1.1334 and the resistance line at 1.1365 ahead of the 200 day ma at 1.1420. Only above the 200 day ma would this imply reversal.”