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The loss of the 55-day ma level at 1.1092 has unchained more sales than expected for the analysts of Commerzbank.

Key quotes

“EUR/USD’s sell-off from the 55-day ma at 1.1092 has been more aggressive than we thought and attention has reverted to the 1.0981 29th November low – this together with the 1.0956/78.6% retracement should hold the downside.”

“Only above the 55-day ma will attention revert to the 200-day ma at 1.1124. Directly above here lies the 1.1171 55 week ma, the 1.1208 one year down channel and the 1.1240 recent high.”