EUR/USD stays focused on the 1.0980 area – Commerzbank

Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, noted the pair keeps looking to a potential test of the 1.0980 region.

Key Quotes

“EUR/USD remains under pressure and attention is on the 1.0981 29th November low. Just below here lies the 1.0956/78.6% retracement and while we suspect that this will hold the initial test, it is also regarded as the last defence for the 1.0879 October low. Near term rebounds are indicated to terminate ahead of 1.1075 and we await a minor bounce to sell into..”