Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair remains bid as long as it trades above 1.1910.

Key Quotes

EUR/USD has tested but has yet to close above the 1.2042 2012 low. Still further up sits the 50% retracement from the move down from the 2014 high at 1.2168. We note the doji on the chart and may see it consolidate very near term, the market stays immediately bid above the early August high at 1.1910”.

“Below 1.1910 lies the 1.1848 August 11 high. But only if an unexpected drop below the 1.1662/35 mid-August low , the late July low and the five month support line would negate the bull move”.

“Failure at the five month uptrend line will trigger losses to the mid-June high at 1.1296 and the more important 1.1110 end of May low”.

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