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According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair stays focused on the 1.1745/50 band for the time being.

Key Quotes

EUR/USD‘s attention is squarely on resistance offered by the 1.1745/50 area and the 1.1790 recent high. This has been the scene of many tests over recent times. A close above here is needed to trigger a move to the 1.1853 mid-June high and the 1.1907 55 week ma. We continue to view the recent low at 1.1301 as a significant turn for the market”.

“The cross will need to drop sub 1.1508 to alleviate immediate upside pressure”.

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