The dollar has been extending its gains, while the EUR / USD remains above 1.19 amid the market calm. The Outlook for the pair remains negative and may slide towards the March low of 1.1704, as reported Karen Jones, Head of Technical Analysis Research Team at Commerzbank.
EUR / USD is trading below the 200 DMA
“The outlook for EUR / USD remains negative. Still has the current June low of 1.1847, close to the low of early March and the 78.6% Fibonacci retracement at 1.1836 / 24, in your sights and it will continue to do so as long as it remains below the 200-day moving average at 1.1999. Lower down, the April 5 low is at 1.1738 and the March low can be seen at 1.1704. “
“Minor resistance above the 200-day moving average appears between the mid-May low at 1.2052 and the 55-day moving average at 1.2087.”
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