EUR/USD now targets 1.0494 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted EUR/USD is now targeting 1.0494 although a very near term rebound is not ruled out.

Key Quotes

“The Euro weighed on the downside all of last week and this morning is trading below channel support at 1.0598 and cloud support at 1.0584. A close below these 2 supports would be deemed very negative. We target 1.0494 the March low then 1.0352/40 the January low. We note the 13 count on the intraday chart and would allow for a very near term rebound towards 1.0669/1.0718”.

“A close above the 200 day ma at 1.0857 would put the 1.0978/50% retracement back on the agenda”.