Rallies in EUR/USD should find hurdle at 1.1600/41 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, occasional bullish attempts should meet resistance in the 1.1600/41 band.

Key Quotes

“EUR/USD sold off to a 5 month pivot line at 1.1466. This is currently holding and the market is attempting to recover. Between here and 1.1411, the 78.6% retracement, we will ideally see the market hold. We note that the Elliott wave count is still labelling this as corrective only and ideally we will see 1.1411 hold and provoke reversal”.

“Rallies will find initial resistance at 1.1600/41, the 20 and 55 day ma and only above here will allow for another run up to the 1.1790/1.1815 region”.