Flash: EUR/USD attention reverts to support - Commerzbank

FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that EUR/USD is once again sitting right on the cloud support, which is located at 1.3564/1.3602, and she would allow for this to hold the initial test, but look for rebounds to be contained by the 1.3645 region.

Key Quotes

“We continue to look for the market to come under pressure and look for the cloud support and its 4 month trendline support at 1.3507 to be eroded. Failure here should be enough to trigger further losses to 1.3343/1.3295 (recent low, Fibo and 200 day ma).”

“Initial support is the 1.3525 low from early December. At this stage we remain unable to rule out a corrective rebound into the 1.3740 area (not favoured) , where we should see the rally fail.”