In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, EUR/USD's neart term outlook remains corrective.
“The Euro is upside corrective rebound very near term has reached the 61.8% retracement at 1.0780, we suspect that may be the end of it. However, we will need to drop back below 1.0675 to alleviate immediate upside corrective pressure. 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 1.0839 would put the 1.0906/12 recent high and June 2016 low back on the agenda”.