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In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, occasional bullish attempts should meet resistance in the 1.1600/41 band.

Key Quotes

EUR/USD sold off to a 5 month pivot line at 1.1466. This is currently holding and the market is attempting to recover. Between here and 1.1411, the 78.6% retracement, we will ideally see the market hold. We note that the Elliott wave count is still labelling this as corrective only and ideally we will see 1.1411 hold and provoke reversal”.

“Rallies will find initial resistance at 1.1600/41, the 20 and 55 day ma and only above here will allow for another run up to the 1.1790/1.1815 region”.