EUR/USD: Watch out for 1.1321/00 key support – Goldman Sachs

Dhwani Mehta FXStreet

In their latest client note, the analysts at Goldman Sachs offer a detailed technical outlook on the EUR/USD pair, based on the Elliot waves analysis.

Key Quotes:

“1.1321 level is derived from an equality target taken off the Nov. 20th interim high. Meaning that if it holds support, there's a good chance the market turned back into its recent uptrend, extending its rally towards 1.1575-1.1587 at least; includes 61.8% retrace and an ABC target off the November low.

Alternatively, breaking ~1.13 increases the risk of continuing towards the lows. Either way, the market is still in a broad corrective process, implying messy/difficult price action for a while longer. Haven't seen enough evidence of an impulsive rise or fall; certainly not enough to confidently chase either direction.

View: Still broadly corrective. Watch for support at 1.1321. If held, the focus would then shift up to 1.1575- 1.1587. Setup weakens below 1.13.”

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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