EUR/USD attention shifted to sub-1.05 levels – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, EUR/USD should now re-focus on recent pullbacks below the 1.0500 handle.

Key Quotes

“The market has remained capped by the downtrend at 1.0639. Focus should shift 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 1.0639 and recent high at 1.0679. Above here lies 1.0820/29, which represents the 50% retracement and the recent February high”.

“Only above 1.0830 would introduce scope to 1.0875 December high and the 200 day ma at 1.0955”.