EUR/USD: Sell the rallies? - Commerzbank

Karen Jones, Analyst at Commerzbank, offers the key technical levels on the EUR/USD pair, as we head towards the ECB monetary policy decision due later today.

Key Quotes:

“EUR/USD has seen a decent rebound from the 1.1712 21st November low. While we suspect that this has further to run, we also note hefty resistance, which extends to the 1.1976/78.6% retracement. Initial resistance lies at 1.1880 the 12th October high.”

 “A close below 1.1712 the recent low should be enough to negate upside pressure and allow for slippage back to the 1.1553 7th November low.“