EUR/USD: The 1.1612 September low holds the initial test – Commerzbank

EUR/USD holds its recent low of 1.1612 but Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, maintains a neutral to negative stance.

Key quotes

“EUR/USD has sold off to to the recent low at 1.1612, which has held the initial test.”

“Intraday rallies are indicated to be likely to fail 1.1680/1.1715, and above here lies the 55-day ma at 1.1783, we will assume a negative bias below here.”

“Intraday Elliott wave counts are now negative and implying scope for the 1.1612 mark to be eroded. Below 1.1612 would target the 1.1495 March high, and potentially the 55-week ma at 1.1413.”