EUR/USD to suffer a deeper correction on a slide below 1.2104 – Commerzbank


The EUR/USD pair is still capable of a deeper correction as the US dollar recovers once more, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

Euro unable to clear channel at 1.2215

“EUR/USD did not maintain its initial break below the 23.6% retracement at 1.2133 last week and so far has not managed to clear a tiny channel at 1.2215. We remain unable to rule out a deeper retracement.” 

“Initial resistance is the 1.2266 end of May high and this guards the 1.2349/50 2021 high.” 

“Below 1.2104 (last week's low) will trigger a deeper retracement to 1.2051 and a possible slide to the 1.1994/86 band of support (mid March highs and the 22nd April low), which will ideally hold the downside.”

 

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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

GME stock positioned for another short squeeze

Get the full analysis and chart in our Insights. Upgrade to Premium today    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD looks depressed below 1.2200 ahead of ECB, US inflation

EUR/USD remains on the back foot below 1.2200 ahead of a busy docket. The US dollar shrugs off weaker Treasury yields. The ECB eyed for economic outlook. The US CPI needs stronger-than-forecast print to keep the dollar afloat.

EUR/USD News

GBP/USD remains poised to drop below 1.4100, US CPI eyed

GBP/USD treads water above 1.4100 ahead of the London open. The US dollar remains steady and exerts pressure on the pair. Brexit concerns, Delta strain added to the British pound struggle. US inflation awaited.

GBP/USD News

Gold extends losses below $1,900 ahead of ECB, US inflation

Gold remains pressured for the third consecutive day below $1900 as sellers attack weekly bottom. US dollar trades firmer while Treasury yields nurse losses, as traders await the key US Consumer Price Index (CPI) and the European Central Bank (ECB) outcomes.

Gold News

Three reasons why Shiba Inu price may be ready to rally

Shiba Inu price decline has not been matched by increasing volume, suggesting it is not token specific. ShibaSwap decentralized cryptocurrency exchange (DEX) in testing mode, to be released to the public soon. Social volume stabilizes during another period of price weakness. 

Read more

US CPI May Preview: Inflation angst is coming

When the Federal Reserve moved its price measurement to inflation averaging last September the governors were carefully insulating rate policy from this year’s expected acceleration in consumer costs. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures