EUR/USD could slip back to the 10580 area – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, EUR/USD could attempt a test of the 1.0580 region.

Key Quotes

“The cross last week failed at its 200 day ma and sold off to its the 55 day ma at 1.0675, which is being eroded currently. Rebounds from here are likely to be pretty tepid and we look for losses to the base of the short term channel at 1.0580. 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”.