EUR/USD: Scope for a deeper sell off – Commerzbank

Karen Jones, analyst at Commerzbank, notes that EUR/USD came under pressure last week and there remains scope for a deeper sell off to the 100 day ma at 1.1066, but we should see some stabilisation between here and the 3 month uptrend at 1.1057.

Key Quotes

“Intraday Elliott wave counts are neutral to negative. Overhead the market is facing tough resistance at 1.1190-1.1240 – namely the 55 week ma, the 2019-2020 down channel and the recent high. This guards the 200 week ma at 1.1360 which continues to represent a critical break point medium term.”

“Failure at the uptrend would target the 1.0981 29th November low.”