EUR/USD: failure at the 1.2092 September high gains traction - Commerzbank

According to Karen Jones, Analyst at Commerzbank, the EUR/USD pair is more likely to extend its sell-off from September high and as a precaution, suggests exiting long positions.

Key quotes:

“EUR/USD has reversed ahead of the 1.2092 September high, and has sold off to the 1.1961 November high. The intraday Elliott wave counts have turned a lot more negative and are currently implying scope for a sell off to the 2 month uptrend at 1.1840. As a precaution we will attempt to exit our long positions.”

“It is bid above the 1.1840 short term uptrend and this guards the 1.1717/12 November and December lows. The 1.1712 mid November low guards the 1.1553 7 th November low.”

“A rise above 1.2092 will target the 1.2168 50% retracement of the move down from the 2015 high and then the 1.2414 200 month ma.”

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.