EUR/USD under pressure, eyes on 1.0505 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair remains poised for a re-visit to recent lows at 1.0505.

Key Quotes

“EUR/USD last week briefly spiked up to 1.0875, this was exhaustive price action and attention has reverted to support at 1.0505 and 1.0467, the recent low and the March low. This remains a major break down point to parity and beyond”.

“Above 1.0875 would initiate a deeper retracement to 1.0910 then 1.1000 (this is not favoured) and while it would be enough to delay our bearish outlook, it is would not be enough to negate it.