EUR/USD ‘a-b-c’ correction over? – Commerzbank

Pablo Piovano FXStreet

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, notes the correction higher in spot could be coming to an end.

Key Quotes

“EUR/USD remains above the 1.07 area. The Elliott wave count is suggesting that an ‘a-b-c’ correction higher is terminating (we have TD resistance circa 1.0780 on the 240 minute chart) and we look for the 1.0625 near term support line to be eroded - failure here is needed to add weight to the idea that the correction higher is complete and would cast attention back to the 1.0372/40 recent lows. Currently the market looks bid but we have a TD perfected set up on the daily chart and will try small short positions”.

“We remain unable to rule out a move to 1.0820 50% retracement and 1.0875 the December high. This will make little impact on the overall bearish chart”.

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 1.0635

36% Bullish
57% Bearish
7% Sideways

Bias Bearish

1 Month

Avg Forecast 1.0545

21% Bullish
71% Bearish
7% Sideways

Bias Bearish

1 Quarter

Avg Forecast 1.0400

18% Bullish
65% Bearish
18% Sideways

Bias Bearish

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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