EUR/USD stays negative, 1.1730/25 are exposed – Commerzbank

The pair’s stance remains negative while capped by the 1.1858/80 band, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“EUR/USD’s outlook remains negative while capped by the current October highs at 1.1858/80. Recent lows at 1.1730/25 are exposed. Below here key support can be seen at 1.1669/62 and failure at these August and current October lows would confirm a top formation and trigger a sell-off to the mid-June high at 1.1296 and the more important 1.1110 end of May low”.

“Above the 1.1858/1.1910 area (early August and October highs) lies the 1.2092 September high”.