EUR/USD correction lower expected below 1.2335 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees losses could accelerate on a break below the 1.2330 region.

Key Quotes

“EUR/USD consolidated on Friday, it has recently reached long term Fibonacci resistance at 1.2517/1.2600. The risk of a near term correction lower remains in place and below 1.2335 lies the January 18 low at 1.2165 and, more importantly, the August and September highs at 1.2092/70”.

“Above 1.2600 will test the 2008-2018 resistance line at 1.2710”.

“Bullish, could reach the 1.2599/1.2661 region”.