Karen Jones, FICC Technical Analysis Research team leader at Commerzbank, agrees with FXStreet analyst Yohay Elam, as both see the EUR / USD pair testing the 1.1240 level.
Key quotes or Commerzbank
“The EUR / USD remains auction and should question the peak of 1.1240 December; our original target remains Monday of 200 weeks at 1.1333. This is the breaking point for the 1.1495 high in March. ”
“The pullbacks from here should find initial support at the high of 1.1019 in May and the 200-day ma at 1.1012. Below the 200-day drop, initial support should be 1.0941 before the short-term uptrend at 1.0826. Provided this is true, an upward bias remains entrenched. “