EUR/USD: Remains on the defensive and probing 1.1712 - Commerzbank

Following its recent failure just ahead of the 1.1976/78.6% retracement level, the EUR/USD pair remains under pressure and our focus is on the 1.1712 - 21st November 2017 low, writes Karen Jones, Analyst at Commerzbank.

Key quotes:

“It stays directly offered below the 20 day ma at 1.1816. A close below 1.1712 the recent low should be enough to negate upside pressure and allow for slippage back to the 1.1553 7th November low.”

“The Fibonacci retracement at 1.1976 is regarded as the last defence for the 1.2092 September high.”

“It is possible that the move to 1.1553 as the end of an ‘a-b-c correction then the longer term risk is still on the topside.”