EUR/USD fell sharply and came within a touching distance of the  recent low at 1.1522 on Thursday before staging a modest correction. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to break below the aforementioned trough.

Focus is on the 1.1522 recent low

“EUR/USD has again sold off and tested the 1.1522 recent low, which has so far held.”

“The pair stays directly offered below the 1.1680 five-month downtrend.” 

“Below 1.1522 lies the 50% retracement of the move from 2020 and the March 2020 high at 1.1492/95.” 

“Key support is the previous downtrend (from 2008) which is now located at 1.1366.”