According to Karen Jones, analyst at Commerzbank, EUR/USD remains on the defensive and attention has reverted to the 1.1176 recent low.
“The market has recently not sustained breaks to new lows, but there is a risk of a slide to the 1.1110 end of May 2017 low (not our favoured scenario). We suspect that it is trying to base but needs to do more work. Once above the 200 day MA at 1.1459, the cross should target the 1.1570 January high, together with the 55 week MA at 1.1609. Below 1.1185/75 (61.8% retracement) lies the 1.1110, the May 2017 low and the 1.0814/78.6% retracement.”
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