EUR / USD failed to stage a convincing rebound on Thursday and remains on the defensive heading into the weekend. Karen Jones, head of the technical analysis research team at Commerzbank, notes that the pair is approaching a four-month support line at 1.1424 and could slide to the 1.1366 area.
Negative bias below the five-month downtrend at 1.1655
“EUR / USD remains under pressure after breaking to new lows for the year and will remain directly bid below the five-month downtrend at 1.1655.”
“We have a support line, which connects a series of lows since July, and this reaches 1.1424 today. There is room for the previous downtrend (from 2008) which is now at 1.1366 and should act as a strong support, we are looking for that this will hold. “
“Below 1.1366 it would point to 1.1290 and then to 1.10, 61.8% and 78.6% of the decline of the movement seen in 2020. “.
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