EUR/USD attention is now on 1.1510 – Commerzbank
|In light of the recent sell off, the pair’s attention has now shifted to the 1.1510 area, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“EUR/USD’s upside correction has terminated at the 1.1855 38.2% Fibonacci retracement and collapsed lower. Attention reverts to the recent low at 1.1510 and the 200 week ma at 1.1416. Below 1.1415 would introduce scope to the 61.8% retracement at 1.1186. Rallies will now find the 20 day ma at 1.1702 offers initial resistance and we would expect 1.1855 to cap for a negative bias to remain entrenched”.
“Above 1.1855 we look for a deeper retracement into the 1.1960/90 band”.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.