Karen Jones, analyst at Commerzbank, notes that the EUR/USD pair has seen a strong bounce higher and we have a 13 count on the weekly chart plus the weekly RSI has not confirmed the new low so there were plenty of warning signs of reversal. Key Quotes “It has not yet overcome initial resistance, which is offered by the 23.6% retracement at 1.1040, and we note that the intraday Elliott wave counts are negative, which for today implies a possible retest of the 1.0941/26 support.” “Nearby resistance is the near term downtrend at 1.1145 and the 200 day ma at 1.1269, but key resistance is 1.1328/51, the 2018-2019 down channel and the 55 week ma. A weekly close above this latter level is needed to negate downside pressure. Below 1.0926 lies the 78.6% retracement at 1.0814.” “The market will need to regain the 55 week ma and channel at 1.1328/51 to generate upside interest.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Australia: Trade should add to Q3 GDP – TD Securities FX Street 4 years Karen Jones, analyst at Commerzbank, notes that the EUR/USD pair has seen a strong bounce higher and we have a 13 count on the weekly chart plus the weekly RSI has not confirmed the new low so there were plenty of warning signs of reversal. Key Quotes "It has not yet overcome initial resistance, which is offered by the 23.6% retracement at 1.1040, and we note that the intraday Elliott wave counts are negative, which for today implies a possible retest of the 1.0941/26 support." "Nearby resistance is the near term downtrend at 1.1145 and the 200 day ma at… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
