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In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s upside pressure should re-emerge on a close above the 1.1450 area.

Key Quotes

EUR/USD‘s rebound from the 1.1301 recent low has eroded the 6 week downtrend at 1.1430 and the 20 day ma at 1.1450. The market will need to close above this resistance in order to alleviate downside pressure and initiate recovery to the mid October high at 1.1623″.

“Below 1.1300 we have a pivot line back to 2015 which is located at 1.1261 this week. While this holds the downside scope for recovery remains longer term. This guards the 61.8% retracement at 1.1185″.