In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s outlook remains neutral for the time being.
Key Quotes
“We have re-drawn the trend lines and the market is essentially back in its range and side lined. EUR/USD‘s view is neutral. On the topside the key level is 1.1790, the July peak, a recovery above 1.1790 will target 1.1855. Above 1.1855 we look for a deeper retracement to the 1.1939 55 week ma, with scope for the 1.1978 200 day ma, where we suspect that it will fail”.
“Failure at the1.1575 the July low would cast attention on the 1.1510/08 recent lows and below here lies the 200 week ma at 1.1373″.
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