EUR/USD offered below 1.0717 – Commerzbank

The pair’s stance stays offered while below 1.0717, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“The rebound last week has so far merely delayed our negative bias as no resistance of note has been eroded and it still remains capped by the 20 day ma at 1.0681 and the 3 month downtrend at 1.0717. Our focus remains on recent lows at 1.0352/40. Initial support is last weeks low at 1.0521”.

“The market will remain directly offered below short term downtrend at 1.0717. Above here lies 1.0820/26, which represents the 50% retracement and the top of the cloud”.