EUR/USD: 35-year uptrend breached – Commerzbank

EUR/USD has eroded the 35 year uptrend at 1.0782/74 on a weekly basis. Karen Jones from Commerzbank analyzes the EUR/USD pair technically. 

Key quotes

“1.0782/74 was major support and it has been broken. Failure here is considered to be a major breakdown and targets 1.0352, the 2016 low, on the way to 1.0000.”

“Rallies should find initial resistance at 1.0926/41, the September and October lows.”