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Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, noted the pair could slip back to the 1.0980 region.

Key Quotes

EUR/USD last week eroded the 3 month uptrend. The intraday Elliott wave signals remain slightly negative and this leaves attention on the downside to initially the 1.0981 29th November low. More importantly it has left our bias neutral to negative.”

“Below 1.0980 will imply a retest of 1.0879, the October low.”