EUR/USD rallies could struggle around 1.0870/1.0970 – Commerzbank

By FXStreet FXStreet (Edinburgh) – In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the door remains open for a test of lower levels.

Key Quotes

“EUR/USD‘s rally higher failed to make much impression on the 55 day ma at 1.0920 and is under pressure”.

“Attention remains on support at 1.0819/1.0796 (we have traded through here but have yet to see a close below here)”.

“This band of support is quite pivotal, it represents the May low, the July low, the 7th December low and a break down through here is likely to trigger another leg lower to the 1.0523 recent low (favoured)”.

“Currently Intraday rallies are indicated to fail circa 1.0870, 1.0960”.
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Source:: FX Street