EUR/USD: Attention is on the mid-February low at 1.0778 – Commerzbank

EUR/USD has failed at the 61.8% retracement at 1.1167. Initial support at 1.0879 has been eroded, as Karen Jones from Commerzbank notes.

Key quotes

“Attention is on 1.0778, the mid February low. Failure here should focus interest back on the downside.” 

“Longer term the market has eroded the 35 year uptrend at 1.0782/74 on a weekly basis. Failure here is considered to be a major break down and targets 1.0340, the 2017 low.”