EUR/USD attention shifted to 1.0563 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair is now looking to the 1.0560 area following the recent price action.

Key Quotes

“EUR/USD failed last week at the 20 day ma and has come under increasing downside pressure. Attention is on nearby support – namely the base of the cloud at 1.0563 and the 55 day ma at 1.0606. We suspect will need to go below here to re-target recent lows at 1.0352/40”.

“The market will remain directly offered below its 20 day ma at 1.0710. Above here lies 1.0820/26, which represents the 50% retracement and the top of the cloud, Only above 1.0830 would introduce scope to 1.0875 December high and the 200 day ma at 1.0985”.