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According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, technicals are suggesting a potential visit to the 1.1860/1.1980 band.

Key Quotes

EUR/USD is holding around 1.1700. We note the 13 count which suggests caution and the daily RSI has not confirmed the new low. The market stays immediately offered below the accelerated downtrend at 1.1782 but will have very little impact while below the 1.1996 14th May high. Currently the Elliott wave count is suggesting recovery to 1.1860/1.1980″.

“Below 1.1675 will target the 1.1616 May 2016 high and then the 1.1553 November low with the 200 week ma at 1.1442 our ultimate goal”.

“The 200 day ma at 1.2021 guards the 1.2092 September 2017 high and the 1.2155 March low and while capped here we maintain an immediate bearish bias”.