EUR/USD to edge lower towards the 1.1424 mark – Commerzbank

EUR/USD is hovering below 1.17. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to break below the August low at 1.1664.

EUR/USD stays directly offered below the downtrend at 1.1818

“EUR/USD continues to grind lower and remains directly offered below 1.1750, attention remains on the 1.1664 August low. This guards the 200-week ma at 1.1575 and the previous downtrend now at 1.1424.”

“Intraday rallies are indicated to fail ahead of 1.1745/65, but key nearby resistance is the 1.1818 three-month downtrend.”