EUR / USD may decline to 1.1366 after a short respite – Commerzbank

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EUR / USD has reached a four-month support line at 1.1420. The pair appears to have entered a consolidation phase above 1.1450 on Monday, but Karen Jones, head of the technical analysis team at Commerzbank, expects the pair to resume its decline towards the 1.1366 area.

Negative bias below the five-month downtrend at 1.1650

“EUR / USD was sold last week and has reached a 4-month support line at 1.1420. It is possible that this level will hold an initial test and cause a small bounce to the upside. This will have no impact on the chart, while is below the five-month downtrend at 1.1650. “

“There is room for the previous downtrend (from 2008) which is now at 1.1366 and should act as strong support.”

Below 1.1366 it would target 1.1290 and then 1.10, setbacks of 61.8% and 78.6% of the movement seen in 2020. “

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