EUR/USD is trading just above the 1.17 level. August low was made at 1.1695 and Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, expects the pair to revisit this mark and sees further losses to 1.1612.
Key quotes
“EUR/USD did not manage to take out support offered by the 1.1695 August low last week, and while we are seeing a minor bounce from here indications are that this rally should peter out around 1.1765.”
“Intraday Elliott wave counts remain negative and this suggests further losses to the recent low at 1.1612.”
“Below 1.1612 would target the 1.1495 March high, which, if seen, is expected to hold.”
“Nearby resistance lies 1.1831/71. Above 1.1871 (21st September high) would be needed for recovery to 1.1971 and then 1.2014/15.”
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