EUR/USD towards a key support – Commerzbank

The EUR/USD pair has a major support at 1.0763 which is seen by Karen Jones, an analyst at Commerzbank, as the point where the pair will turn around. 

Key quotes

“EUR/USD has continued to collapse lower and remains on course for the 1.0763 2000-2020 uptrend. This is key support and we look for it to hold the downside and provoke reversal. So far there is no sign of a bounce.” 

“Near term rallies will need to regain 1.0879 (the October low) as an absolute minimum in order to alleviate immediate downside pressure.”