EUR/USD now focused on 1.1823/17 – Commerzbank

The pair has now reverted its attention to the 1.1823/17 band, according to Karen Jones, Heaed of FICC Technical Analysis at Commerzbank.

Key Quotes

“EUR/USD executed a 23.6% retracement (1.1995) and has failed ahead of the 200 day moving average at 1.2021. Attention has reverted to the 1.1823/17 recent low and the low charted 22nd December. A close below here will target 1.1717/12, the 1.1616 May 2016 high and then the 1.1553 November low”.

“The 200 day ma guards the 1.2092 September 2017 high and the 1.2155 March low and while capped here we maintain an immediate bearish bias”.