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EUR/USD: Weighing on the downside within its range – Commerzbank

According to Karen Jones, analyst at Commerzbank, EUR/USD pair has failed to make any impact on the 55 and 100 day moving averages at 1.1295/1.1344, and has eased lower.

Key Quotes

“Attention has again shifted to the 1.1176 recent low. Intraday Elliott wave counts are negative and the DMI has a sell signal. Our longs have been profit stopped and we will attempt short positions.”

“Below 1.1185/75 (61.8% retracement) lies the 1.1110, the May 2017 low and the 1.0814/78.6% retracement.”

“We suspect that the market is trying to base but needs to do more work (we note the 13 count on the weekly chart and this adds weight to the idea of a potential base). Initial resistance is the 100 day ma at 1.1344 and the resistance line at 1.1379 ahead of the 200 day ma at 1.1433.”

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