EUR/USD set to slide below the 1.1750 mark – Commerzbank

FXStreet Insights Team FXStreet

EUR/USD has failed to move away from the 1.18 magnet. The pair is sidelined, but intraday Elliott wave counts are negative. Therefore, EUR/USD may fall below the 1.1750 level, according to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.

See – EUR/USD: The next big break is through 1.20 – TDS

A break above 1.1863 is needed to alleviate immediate downside pressure

“EUR/USD is still pretty sidelined. It recently tested and failed at the end of July high at 1.1909, but so far has found nearby support just ahead of the 1.1752 mid-July low.”

“We are ideally looking for the market to ideally stabilise ahead of 1.1750, however, it should be noted that the intraday Elliott wave counts are negative and implying failure ahead of 1.1840.”

“A move above 1.1863 (resistance line) is needed to alleviate immediate downside pressure and would allow for a retest of 1.1909 and the 1.1990/1.2014 August 2020 high and 200-day ma.”

“Support at 1.1752 guards the 1.1704 March low and the 1.1664 August low.”

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