EUR/USD scope for a pullback to 1.0650 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could slip back to the mid-1.0600s.

Key Quotes

“EUR/USD has a TD perfected set up on the daily chart and is indicated to now react back to the 1.0650 zone- the near term support line lies at 1.0644. Failure here is needed to add weight to the idea that the correction higher is complete and would cast attention back to the 1.0372/40 recent lows”.

“We remain unable to rule out a move to 1.0820 50% retracement and 1.0875 the December high. This will make little impact on the overall bearish chart”.