EUR/USD to slide to 1.1750 on a break below the recent 1.1835/31 low – Commerzbank

EUR/USD has eroded the 200-day moving average at 1.1858 as the dollar pushes higher. According to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, the pair is set to remain under pressure below 1.2014.

Key quotes

“EUR/USD came under pressure on Tuesday and the market has eroded the 200-day ma at 1.1858 and sits on the short-term pivot at 1.1835/31 (recent low). Failure here will target 1.1750 and the 1.1695/02 support, this is the 38.2% retracement and the September and November lows.” 

“Initial resistance above 1.1990/1.2014, lies at 1.2115, the 3rd March high ahead of 1.2243, the February high.”