EUR/USD now looks to 1.1510/08 band – Commerzbank

The pair remains on the defensive so far and has once again shifted its focus to the 1.1500 neighbourhood, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“EUR/USD last week tested and eased back from its 55 day ma at 1.1734. The intraday Elliott wave counts are more negative and currently the market is on the defensive and attention has reverted to the 1.1510/08 recent lows and below here the 200 week ma at 1.1382”.

“A recovery above 1.1790 will target 1.1855. Above 1.1855 we look for a deeper retracement to the 1.1930 55 week ma, with scope for the 1.1986 200 day ma, where we suspect that it will fail”.