EUR/USD offered below 1.0664/94 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair should stay offered below the 1.0664/94 area.

Key Quotes

“The market is seeing a small near term rebound following its recent failure to close below last weeks low at 1.0521. We continue to target recent lows at 1.0352/40, but it make take a little longer to get there. The market will remain directly offered below the 20 day ma at 1.0664 and the 3 month downtrend at 1.0694”.

“The market will remain directly offered below short term downtrend at 1.0694. Above here lies 1.0820/26, which represents the 50% retracement and the top of the cloud”.