EUR/USD: Scope to extend its decline – Commerzbank

According to Karen Jones, analyst at Commerzbank, EUR/USD sold off yesterday and there is scope to extend its decline to the 100 day ma at 1.1065, but we should see some stabilisation between here and the 3 month uptrend at 1.1050.

Key Quotes

“Initial support is the 55 day ma at 1.1094. Overhead the market is facing tough resistance at 1.1197-1.1240 – namely the 55 week ma, the 2019-2020 down channel and the recent high. This guards the 200 week ma at 1.1360 which continues to represent a critical break point medium term.”

“Failure at the uptrend would target the 1.0981 29th November low.”