EUR/USD could retest 1.1301/00 – Commerzbank

Pablo Piovano FXStreet

In light of the recent price action, the pair could now slip back to the 1.1301/00 band, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“EUR/USD has failed to maintain the break of the 6 week downtrend. This is negative price action and it is likely that we will see a retest of the 1.1301/00 recent low and the pivot line at 1.1261. Near term rallies are likely to remain thwarted by 1.1380/1.1447 today. Resistance at 1.1500 guards the mid-October high at 1.1623 (favoured)”.

“Only above 1.1625 will neutralise the chart further 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”.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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