EUR/USD: Positive above the 1.0782/74 uptrend – Commerzbank

The EUR/USD pair has eroded the 1.0941/26 mark. Karen Jones, Team Head FICC Technical Analysis Research, points out the key levels to watch.

Key quotes

“EUR/USD has eroded the convergence of support offered by the 78.6% retracement, the early and mid-September lows and the October 8 low at 1.0941/26 and is on course for the 35 year uptrend at 1.0782/74.”

“1.0782 is major support and it is expected to hold the downside. Failure here would be considered to be a major break down and would target 1.0352 the 2016 on the way to 1.00.”