EUR/USD downside accelerated below 1.0949 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested that a test of 1.0820 could be likely on a break below 1.0949.

Key Quotes

“EUR/USD sold off further on Friday following strong NFP numbers. The market failed last week ahead of the 2014-2015 resistance line at 1.1296. Support offered by the 1.1078/80, 20 and 200 day moving averages is exposed and failure here will retarget the 1.0949 5 month uptrend”.

“Only below 1.0949 will target 1.0821, the March low, and then the 31 year support line at 1.0642. Note the 1.0457 March 2015 low is also found in this vicinity together with the 1.0574 channel”.