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According to Karen Jones, analyst at Commerzbank, EUR/USD pair continues to weigh on key support in the 1.1315-1.1265 band, which is the 2016-2019 uptrend, Fibo support and the December lows.

Key Quotes

“Provided that the market holds here we favour a recovery to the 1.1537 200 day ma and the 1.1623 mid-October high and slightly longer term we target 1.1723, the 55 week ma. However we note the sell signal on the DMI and this support is exposed.”

“Failure at 1.1267 will trigger losses to the 1.1216 recent low and the 61.8% Fibonacci retracement of the 2017-18 advance at 1.1186. Please note that we continue to regard the 1.1216 recent low as an interim low for the market.”