EUR/USD is looking for recovery – Commerzbank

Sandeep Kanihama FXStreet Contributor

According to Karen Jones, analyst at Commerzbank, EUR/USD is showing small signs of recovery, the intraday Elliott wave counts are contradictory and they remain unable to rule out scope for a deeper sell off to the 100 day ma and uptrend at 1.1067/61.

Key Quotes

“Overhead the market is facing tough resistance at 1.1190-1.1240 – namely the 55 week ma, the 2019-2020 down channel and the recent high. This guards the 200 week ma at 1.1360 which continues to represent a critical break point medium term.”

“Failure at the uptrend would target the 1.0981 29th November low.”

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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