EUR/USD points to some consolidation – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, EUR/USD could attempt some consolidation for the time being.

Key Quotes

“Fridays rebound saw the 20 day ma eroded but not the downtrend at 1.0646. Last weeks low at 1.0494 has held and further consolidation is likely. Below here we continue to target recent lows at 1.0352/40”.

“The market will remain directly offered below the short term downtrend at 1.0646 and recent high at 1.0679. Above here lies 1.0820/29, which represents the 50% retracement and the recent February high”.