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Karen Jones, analyst at Commerzbank, notes that the EUR/USD pair has sold off towards and has bounced from 1.1110, the May 2017 low.

Key Quotes

“The rebound has so far been tepid and previous supports at 1.1175/85 will act as immediate resistance ahead of the 20 day ma at 1.1233. Intraday Elliott wave counts are negative and are currently indicating that rallies will terminate circa 1.1195/1/1215. Support at 1.1110 is regarded as the break down point to 2019-2019 support line (connects the lows) at 1.1059, the 1.0963 TD support and the 1.0814/78.6% retracement.”

“Initial resistance is the 100 day ma at 1.1335 and the resistance line at 1.1368 ahead of the 200 day ma at 1.1423. Only above the 200 day ma would this imply reversal.”