Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggests another attempt to test the 1.1850 region is likely.
“EUR/USD is consolidating at its 55 day ma. The intraday Elliott wave counts are more positive and intraday dips are expected to hold over 1.1710/1.1675 ahead of another leg up. This suggests another attempt at the June high at 1.1853/55 is likely. 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”.
“Below 1.1500 will target the 200 week ma at 1.1388”.
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 assets. 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 Open Markets 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.