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The EUR/USD pair has eroded the 1.1990/1.2014 pivot to reassert the up move as theUS Dollar drops sharply lower, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

EUR/USD is bid above 1.1885

“EUR/USD has at last eroded the 1.1990/1.2014 pivot, and attention has reverted to the topside and initial resistance is the March 3 high at 1.2115, ahead of 1.2243, the February high.  

“The Elliott wave count is suggesting dips lower are likely to remain fairly tepid and hold around 1.1890.”  

“This move adds weight to the idea that the market has resumed its longer term bull trend against the dollar.”

 

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