FXStreet reports that Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, is focused on the four-month EUR/USD uptrend at 1.1732 as a lost of this level will introduce scope for a slide towards the 55-day ma at 1.1620.

“EUR/USD sold off last week and starts this week with the focus on the four-month uptrend at 1.1732. Intraday Elliott wave counts are negative and there is a risk that the up trend will give way. Failure here will target the 55-day ma at 1.1620 and potentially the March high at 1.1495.”

“The market has recently failed at 1.2014 and intraday rallies are indicated to hold below 1.1875.”