FXStreet reports that Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, discusses EUR/USD prospects.

“EUR/USD’s upmove is pushing hard into the short-term downtrend at 1.1772. Currently, while it holds, we are unable to rule out a retest of the recent low at 1.1665. Below 1.1664 will allow for losses to 1.1602 and 1.1575, where we would look for signs of stabilisation. It is possible that this may be a falling wedge reversal pattern, but this will only be confirmed on a close above the downtrend at 1.1772. This guards the 1.1909 July high and then the 1.1990/1.2006 March high and 200-day ma.”