EUR/USD attention is now on 1.1510 – Commerzbank

In light of the recent sell off, the pair’s attention has now shifted to the 1.1510 area, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“EUR/USD’s upside correction has terminated at the 1.1855 38.2% Fibonacci retracement and collapsed lower. Attention reverts to the recent low at 1.1510 and the 200 week ma at 1.1416. Below 1.1415 would introduce scope to the 61.8% retracement at 1.1186. Rallies will now find the 20 day ma at 1.1702 offers initial resistance and we would expect 1.1855 to cap for a negative bias to remain entrenched”.

“Above 1.1855 we look for a deeper retracement into the 1.1960/90 band”.