EUR/USD: Scope for a nosedive to the 1.1575 mark – Commerzbank

EUR/USD peaked last week at 1.1909, and sold off aggressively. On Monday, the pair is holding steady above 1.1750 but a break below here would expose the 200-week moving average at 1.1575, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

See: EUR/USD to break below 1.1750 as dollar enjoys bullish momentum – ING

Attention reverts to the 1.1752/04 supports

“Attention is on the 1.1752 July low, this is currently being eroded and we would allow for losses to the September, November and March lows at 1.1704 and 1.1600.”

“Please note that the 200-week ma lies at 1.1575.”

“Last week's high at 1.1909 is seen as an interim high and this guards the 200-day ma and the 50% retracement at 1.2010.”