EUR/USD could test 1.1097 while above 1.0989 – Commerzbank

Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, notes the pair could attempt a test of 1.1097 as long as 1.0989 holds the downside.

Key Quotes

“EUR/USD has again tested and so far held the 1.0989 mid-November low. Whilst it holds, last week’s high at 1.1097 may be revisited, a rise above which would have the 1.1180 October high in its sights. Above 1.1180 will target the 1.1255 one year channel”.

“However the support is looking a little exposed and failure here will trigger another leg lower to the 1.0943 78.6% retracement”.