In view of Karen Jones, Team Head FICC Technical Analysis at Commerzbank, EUR/USD’s focus has now gyrated to the 1.1027/10955 area.
“EUR/USD came under increasing downside pressure last week and attention has reverted to the 1.1027 recent low and the base of its down channel at 1.0955. Below here lies the 78.6% retracement at 1.0814/78.6% retracement”.
“Nearby resistance is the 200 day ma at 1.1289, but key resistance is 1.1343/65, the 2018-2019 down channel and the 55 week ma. A weekly close above this latter level is needed for us to adopt an outright bullish stance”.