EUR/USD could retest 1.1301/00 – Commerzbank

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”.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.