According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the stance of EUR/USD stays negative while below the 1.0700 handle.
“The Euro saw a small rebound at the end of last week, but this was tepid at best and is viewed as corrective only - the rebound is indicated to fail ahead of 1.0700. Failure at nearby Fibonacci support at 1.0555 should be enough to trigger weakness to the 1.0494 the March low then 1.0352/40 the January low. Our bias stays negative”.
“A close above the 200 day ma at 1.0844 would put the 1.0978/50% retracement back on the agenda”.
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