EUR/USD focus now is on 1.0352/40 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the EUR/USD has now shifted its focus to lows in the 1.0352/40 area.

Key Quotes

“The market remains directly offered below the 20 day ma at 1.0668 and the 3 month downtrend at 1.0710. Last weeks low at 1.0521 is exposed and our focus remains on recent lows at 1.0352/40. Intraday rallies are indicated to hold below 1.0575”.

“The market will remain directly offered below short term downtrend at 1.0710. Above here lies 1.0820/26, which represents the 50% retracement and the top of the cloud”.