EUR/USD dips expected to terminate near 1.1740/20 – Commerzbank
|Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees occasional retracements in spot to find contention in the 1.1740/20 area.
Key Quotes
“EUR/USD correction higher remains in force. It is approaching the recent high at 1.1880 and the 61.8% retracement at 1.1886. has seen initial failure, but this has so far been tepid and the market is capable of retesting 1.1880/86, beyond here the chart neutralises (it has already negated the top pattern). Near term dips are indicated to terminate circa 1.1740/20”.
“Should failure at 1.1980/86 be seen then we should see the market retest the 200 day ma at 1.1310”.
“Above the 1.1858/1.1910 area (early August and October highs) lies the 1.2092 September high”.
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.