EUR/USD dips expected to terminate near 1.1740/20 – Commerzbank

Pablo Piovano FXStreet

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”.

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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