EUR/USD: attention on the euro is focused on annual low (Commerzbank)

Karen Jones, Head of Forex Technical Analysis at Commerzbank, has now focused her attention on the annual low area within 1.1180/75 for the EUR/USD pair.

"The EUR/USD's attention remains focused on the last bottom at 1.1776. The market hasn't recently seen a break to new lows, but there is still a risk of falling to the low of 1.1110 (end of May 2017 - this isn't our preferred scenario).

We suspect that the pair is trying to form a low, but it still has some work to do (we note 13 figures on the weekly chart). Once above the 200-day moving average line at 1.1464, the pair is expected to target the January peak at 1.1570, as well as the 55-week moving average at 1.1589.

Below 1.1185/75 (61.8% retracement) are 1.1110, the May 2017 low and the 78.6% retracement at 1.0814."