EUR/USD scope for another test of the mid-1.1800s – Commerzbank

Pablo Piovano FXStreet

Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggests another attempt to test the 1.1850 region is likely.

Key Quotes

“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”.

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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