EUR/USD negative near term – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted EUR/USD’s stance has deteriorated in recent sessions.

Key Quotes

“The cross has recently failed to close above the 1.0874 200 day moving average and the Euro has severed its uptrend to leave the market on the defensive. Attention is on the 55 and 20 day moving averages at 1.0709/1.0675 and failure here will target the base of the short term channel at 1.0572. Intraday rallies are indicated to now remain capped by 1.0800/15”.

“A close above the 200 day ma would put the 1.0978/50% retracement back on the agenda”.