Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted there is room for a visit of the 1.0660/1.0700 area.
“EUR/USD has not sustained the break down from the base of the cloud at 1.0563. This delays our negative bias as it allows for a corrective move into the 1.0660/1.0700 band. Once complete our focus will return to recent lows at 1.0352/40”.
“Market will remain directly offered below its 20 day ma at 1.0698. Above here lies 1.0820/26, which represents the 50% retracement and the top of the cloud”.
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