EUR/USD scope for a drop to 1.1411/04 – Commerzbank

Karen Jones, Head of FICC Technical Analyst at Commerzbank, the pair’s decline could extend to the 1.1411/04.

Key Quotes

“EUR/USD remains under near term downside pressure having failed at Fibo resistance at 1.1624 and is eroding a minor support line at 1.1459. We look for losses to 1.1411/04, the 78.6% retracement and 2017-2018 support line. There is scope for a retest of the 1.1321 200 week ma and 1.1301 recent low”.

“Only above 1.1625 will neutralise the chart again and allow for another run up to the 1.1790/1.1815 region. We continue to favour the topside but there is more work to be done”.