In opinion of Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, the pair’s decline is expected to face a solid support in the 1.0879/1.0763 band.
“EUR/USD remains under pressure and has eroded the October low at 1.0879. This, together with the 1.0814/78.6% retracement and the 1.0763 2000-2020 uptrend, represent a major band of support, that we look to hold.”
“Intraday rallies are likely to halt around 1.0910/40.”
“Resistance can now be seen between the November and January lows at 1.0981/92.”