EUR/USD could test 1.1790 on a breakout of 1.1592/1.1619 – Commerzbank

The pair could retest the 1.1790 area and beyond on a break above the 1.1592/1.1619 band, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

EUR/USD has sold off towards and is recovering just ahead of 1.1411, the 78.6% retracement. We will ideally see the market hold and reverse here. Note that the Elliot wave count has turned more negative. Rallies will find initial resistance at 1.1592/1.1619, the 20 and 55 day ma and only above here will allow for another run up to the 1.1790/1.1815 region. We continue to favour the topside but there is more work to be done”.

“The 1.1411 level is seen as the last defence for the 1.1325 200 week ma and the 1.1301 recent low”.

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