As the pair approaches the June low of 1.1847, the EUR/USD is trading below 1.1850. According to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, the EUR/USD might drop to 1.1704, the low from March.
“EUR/USD has dropped down again, reaching the current June low of 1.1847 and the 78.6 percent Fibonacci retracement level of 1.1836/24. It’s feasible that this will pass the first test.”
“The pair remains bearish as it trades below the 200-day moving average of 1.2000. Further down, the low of April 5 is 1.1738, and the low of March is 1.1704.”
“The 1.2052 mid-May low and the 55-day moving average at 1.2082 provide little resistance above the 200-day moving average.”
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