EUR/USD is in new lows for the year. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the world’s most popular currency pair to extend its downmove as low as 1.1453.
Downtrend at 1.1812 to cap any rally
“EUR/USD has eroded the 1.1704 March low, and this targets 1.1602, the November 2020 low and the 200-week ma lies at 1.1575.”
“Rallies should find decent resistance at this week's high of 1.1804 and will ideally be contained by the short-term downtrend at 1.1812 for a negative bias to remain entrenched.”
“Below 1.1575 would introduce scope to the 1.1453 location of the previous 2008-2020 downtrend.”