Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair attention should shift to 1.1510/08 zone while below 1.1650.
“EUR/USD continues to consolidate below its 55 day ma at 1.1741 and is it starting to erode the 20 day ma at 1.1654. The intraday Elliott wave counts are more negative and currently the market is on the defensive. Below 1.1650 will retarget the 1.1510/08 recent lows and below here then the 200 week ma at 1.1388”.
“A recovery above 1.1790 will target 1.1855. Above 1.1855 we look for a deeper retracement to the 1.1927 55 week ma, with scope for the 1.1986 200 day ma, where we suspect that it will fail”.
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