The EUR/USD has reached the 1.1990 / 1.2014 pivot. A break above is needed to dissipate the downward pressure, according to Karen Jones, head of technical analysis research team at Commerzbank.
EUR / USD will remain under pressure below 1.2014
“The EUR / USD has tested the most important pivot of 1.1990 / 1.2014. We will have to regain this last level to return attention to the March peak of 1.2243 ”.
“So far, the rally is still just an upward correction and a failure in the 1.1975-1.2014 band will keep the focus down.”
“The Close support is at 1.1835 and then 1.1704 / 1.1695 “.
“Below 1.1695 we have TD support at 1.1648 and the previous downtrend from 2008-2020 is at 1.1570, which we expect to be a zone that will hold.”
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