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EUR/USD is posting new lows for the year and the pair is set to target 1.1695/00, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.

Key quotes

“EUR/USD is in new lows for the year, and we are allowing for a slide into the 1.1695 to 1.1600 band. This represents the 38.2% retracement of the move up from 2020 at 1.1695, the 55-week ma at 1.1630 and the previous 2008-2020 downtrend which is located at 1.1600. Longer-term we will be looking for reversal in this zone.”  

“Rallies will find initial resistance at the 200-day ma at 1.1861 and the near term downtrend at 1.1904. This guards the more important 1.1990/1.2014 pivot.”