In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could still drop and test the 1.1315/01 band.
“EUR/USD remains directly offered below the 20 day ma at 1.1482. There is scope for a retest of the 1.1315 200 week ma and 1.1301 recent low. This is expected to hold the down side. We will attempt to buy this dip”.
“Initial resistance is the 20 day ma and this guards the 1.1623 mid October high”.
“Below 1.1300 we have a pivot line back to 2015 which is located at 1.1264 this week . This guards the 61.8% retracement at 1.1185”.
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