The US dollar is consolidating and Karen Jones, Head of the Technical Analysis team at Commerzbank, expect the EUR / USD to extend its downward correction.
“EUR / USD finally broke below the uptrend on Friday and the rest of our long positions stopped in profit.”
Interestingly, the pair has seen a smart bounce on the 23.6% retracement at 1.2133. Correction already finished? We suspect not and there is scope for a slightly deeper pullback to 1.2080 / 50“.
“We cannot rule out a possible dip towards the 1.1994 / 86 support band (mid-March highs and April 22 lows).”
“The key support is at 1.1865 (uptrend 2020-2021) “.
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