EUR/USD continues to consolidate – Commerzbank

Sandeep Kanihama FXStreet Contributor

Karen Jones, analyst at Commerzbank, explains that EUR/USD pair has continued to consolidate just below resistance at 1.1285 and the 200 day ma at 1.1294.

Key Quotes

“The consolidation is viewed in a positive light, intraday Elliott wave counts are positive. Key resistance is 1.1354/71, the 2018-2019 down channel and the 55 week ma. A weekly close above this latter level is needed for us to adopt an outright bullish stance.”

“Dips lower are likely to find some support circa 1.1150/06. Key support is the 1.0961 2018-2019 support line and below here lies the 78.6% retracement at 1.0814/78.6% retracement.”

“The market will need to regain the 55 week ma and channel at 1.1360/77 to generate upside interest.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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