Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the upside pressure in EUR/USD should ease below 1.0675.
“The Euro is upside corrective rebound very near term and we are very near to our stop level. The rebound is gaining traction and 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 1.0841 would put the 1.0978/50% retracement back on the agenda”.