EUR/USD needs to overcome 1.15 to alleviate immediate downside pressure - Commerzbank

Karen Jones, Analyst at Commerzbank, notes that the EUR/USD is attempting to recover just ahead of the 1.1300 August and October lows.

Key Quotes

“The market needs to overcome the current November high at 1.1500 to alleviate immediate downside pressure and allows for gains to 1.1581/1.1622 (2018 downtrend and 16th October high).”

“Support at 1.1300 guards 1.1216 recent low. While the 1.1216 current November low holds the downside scope for recovery remains longer term, but waning downside risk has increased.”