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Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, noted rebounds in the pair are likely to terminate around 1.1065.

Key Quotes

EUR/USD has paused just ahead of the 1.0981 29th November low. Just below here lies the 1.0956/78.6% retracement and while we suspect that this will hold the initial test, it is also regarded as the last defence for the 1.0879 October low. Near term rebounds are indicated to terminate ahead of 1.1065 and we await a minor bounce to sell into”.