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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″.