EUR/USD stays under pressure – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted bullish attempts in EUR/USD should remain limited by the 1.0730 area.

Key Quotes

“The cross continues to sell off following the recent failure at the 1.0871 200 day moving average. It has reached the 55 day ma at 1.0674 and failure here will target the base of the short term channel at 1.0575. Intraday rallies are indicated to now remain capped by 1.0730”.

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