EUR/USD a test of 1.1350 not ruled out – Commerzbank

Karen Jones, Head of FICC Technical Analysis Research at Commerzbank, argued the pair could still attempt to revisit the mid-1.1300s before failure.

Key Quotes

“EUR/USD’s rebound from the 1.1123 31st August low and left the market back in the middle of its range. Intraday Elliott wave counts have turned more positive and it is possible that we will see yet another run up to circa 1.1350 before failure. Below 1.1123, the seven month support line at 1.0988 will be targeted next, together with the June and July lows at 1.0952/12”.

“The market faces immediate tough resistance offered by the five month resistance line at 1.1290, which is reinforced by 1.1366 the August high. Only an unexpected rise above here would introduce scope to 1.1416/65, the mid-April and June highs”.