EUR/USD remains offered below 1.0699 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s stance remains offered below 1.0699 for the time being.

Key Quotes

“EUR/USD did not sustain the break down from the base of the cloud at 1.0563 and bounced strongly from 1.0521. This has delayed our negative bias as it allows for a corrective move into the 1.0660/1.0700 band. Once complete our focus will return to recent lows at 1.0352/40”.

“The market will remain directly offered below its 20 day ma at 1.0699. Above here lies 1.0820/26, which represents the 50% retracement and the top of the cloud”.

“Only above 1.0830 would introduce scope to 1.0875 December high and the 200 day ma at 1.0965”.