Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, suspects that EUR/USD may have topped at 1.1909. Holding above 1.1750 is key for the pair to avoid a deeper fall to the 1.16 level.
Dollar strength/euro weakness
“EUR/USD may well have already peaked at 1.1909, the market is clearly struggling to make any impression on resistance above 1.1900.”
“The pair will need to regain the 200-day ma and the 50% retracement at 1.2010/15 to reassert upside pressure and cast attention to the 1.2266 May high. This is currently a tall order.”
“Below 1.1750 attention will revert to the September, November and March lows at 1.1704/1.1600.”