EUR/USD: Negative bias entrenched below the 200-DMA at 1.1999 – Commerzbank

The dollar has been extending its gains while EUR/USD holds up above 1.19 amid market calm. The outlook for the pair stays negative and may slip towards the March low at 1.1704, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

EUR/USD is trading under the 200-DMA

“EUR/USD’s outlook stays negative. It still has the 1.1847 current June low, made close to the early March low and the 78.6% Fibonacci retracement at 1.1836/24, in its sights and will continue to do so while it remains below the 200-day moving average at 1.1999. Further down the April 5 low sits at 1.1738 and the March low can be spotted at 1.1704.”

“Minor resistance above the 200-day moving average comes in between the 1.2052 mid-May low and the 55-day moving average at 1.2087.”