EUR / USD to tumble to 1.10 on a break below 1.1350 – Commerzbank

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EUR / USD has sold to 1.1366 (previous long-term downtrend). Karen Jones, Head of Technical Analysis Research Team at Commerzbank, expect the world’s most popular currency pair to fall as low as 1.10.

The euro sells more

“EUR / USD has sold towards 1.1366, previous downtrend (since 2008). We look at all 13 accounts on the daily chart and this would suggest extreme caution. However, compatibility with TD support is not found until 1.1248.”

“Any bounce will find significant resistance in the five-month downtrend at 1.1645 and as long as it is capped below here the overall bias is negative.”

“The Initial resistance is October low at 1.1513 / 22 and the November 5 low and 20-day moving average at 1.1560. “

Below 1.1350 it would target 1.1290 and then 1.10, a decline of 61.8% and 78.6% of the movement observed in 2020. “

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