EUR/USD negative below 1.0700 – Commerzbank

Pablo Piovano FXStreet

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the stance of EUR/USD stays negative while below the 1.0700 handle.

Key Quotes

“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”.

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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