EUR/USD offered below 1.0703 - Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s stance remains offered while below 1.0703.

Key Quotes

“EUR/USD remains on the defensive and is currently sitting on the 55 day ma at 1.0605. The market last week failed 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. 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 1.0703. 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”.