EUR/USD: Scope for a nosedive to the 1.1424 mark – Commerzbank
|EUR/USD dropped below 1.16, the lowest since November. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to plunge to the previous downtrend at 1.1424.
EUR/USD target the 200-week ma at 1.1575
“EUR/USD is at new lows for the year. It continues to sell off and remains directly offered below an accelerated downtrend at 1.1726.”
“Attention remains on the 1.1602 November 2020 low, which is currently being eroded. This guards the 200-week ma at 1.1575 and the previous downtrend now at 1.1424.”
“Intraday rallies will find an accelerated downtrend at 1.1726, but key nearby resistance is the 1.1812 three-month downtrend.”
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