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EUR/USD offered below 1.2750 – Commerzbank

FXStreet (Edinburgh) - EUR/USD will keep the bearish outlook while trades below the 2-month downtrend in the mid-1.2700s, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“The chart remains dominated by the 2 month downtrend, which today is located at 1.2749”.

“This leaves the market on course for the 1.2460/78.6% retracement. This remains the break down point to the 200 month ma at 1.2215. This is major support and is expected to hold the downside on the Initial test”.

“Above 1.2750 lies the 20 day ma at 1.2791, key short term resistance is 1.2995/1.3000, the high from the middle of September, while capped here the market will remain directly offered”.

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