EUR/USD still points to a test of 1.0700 – Commerzbank
|According to technicals, the pair could still attempt a test of the 1.0700 handle and above, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“EUR/USD has seen a slight erosion of the short term resistance line, which has not been sustained – it is too early to say whether this is a false break or just premature. The intraday Elliott wave counts are conflicting but suggest a test of 1.0700/07, the recent spike high and the 38.2% retracement. There is scope for 1.0875 the December high. The market stays bid near term while above the 1.0474 20 day ma”.
“Failure here would cast attention back to the 1.0372/40 recent lows. We await a close below the 1.0372/40 lows from mid December 2016 to trigger another leg lower. Below 1.0340 will target parity and the 78.6% retracement at .9900 of the move 2000 to 2008”.
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.