EUR/USD: Noticeably under pressure, March lows at 1.1704 in the crosshairs – Commerzbank

EUR/USD is under pressure, hovering around 1.18. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to slip towards the March low at 1.1704.

Negative bias while below the 200-DMA at 1.2004

“EUR/USD has seen another close below the 78.6% Fibonacci retracement at 1.1836/24 and in doing so targets the 1.1704 March low. 

“Rallies are indicated to fail around 1.1900/1.1960.” 

“We note the 13 count on the 60 minute and 240 minute charts and TD support at 1.1757 and will attempt to sell the rallies.”

“The pair stays negative while it remains below the 200-day moving average at 1.2004.”