EUR/USD on its way to 1.1976? - Commerzbank

Karen Jones, Analyst at Commerzbank, provides the key EUR/USD technical levels to watch out for in the day ahead.

Key Quotes:

“EUR/USD is creeping higher from the 1.1712 21st November low. Initial resistance lies at 1.1880 the 12th October high, which has so far held on a closing basis, and while capped here, a negative bias will remain. We also note hefty resistance, which extends from 1.1880 to the 1.1976/78.6% retracement. We acknowledge that 1.1880 looks exposed.”

“A close below 1.1712 the recent low should be enough to negate upside pressure and allow for slippage back to the 1.1553 7th November low.”