Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the stance on EUR/USD stays negative while below 1.0830.
Key Quotes
“The market has remained capped by the downtrend at 1.0623. Focus has shifted to last weeks low at 1.0494. Below here we continue to target recent lows at 1.0352/40”.
“The market will remain directly offered below the short term downtrend at 1.0623 and recent high at 1.0679. Above here lies 1.0820/29, which represents the 50% retracement and the recent February high”.
“We stay negative below 1.0830. Only above 1.0830 would introduce scope to 1.0875 December high and the 200 day ma at 1.0955”.
Via FXStreet