Search ForexCrunch

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s negative stance remains intact while below 1.1996.

Key Quotes

EUR/USD has sold off to its 78.6% retracement at 1.1767, this has held the initial test and we would allow for deeper rebound towards the accelerated downtrend at 1.1900 and possibly 1.2000. A close below 1.1767 will target 1.1717/12, the 1.1616 May 2016 high and then the 1.1553 November low. An immediate negative bias will remain entrenched below the 1.1996 14th May high”.

“The 200 day ma at 1.2021guards the 1.2092 September 2017 high and the 1.2155 March low and while capped here we maintain an immediate bearish bias”.

“Our overall bearish bias is maintained while capped by the 2008-2018 resistance line at 1.2593″.