EUR/USD faces a probable move to 1.1930/85 – Commerzbank

In opinion of Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, EUR/USD could now attempt to test the 1.1930/85 band.

Key Quotes

“EUR/USD maintained its near term move higher yesterday. The Elliott wave count still has this as being a correction only but are allowing now for a move into the 1.1930/85 band. It will need to regain the 200-day ma and the 50% retracement at 1.2008/15 to reassert upside pressure and attention to the 1.2266 May high.”

“Below 1.1750 attention will revert to the September, November and March lows at 1.1704/1.1600.”