EUR/USD up ticks should fail around 1.1200 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, occasional bullish attempts should struggle around 1.1200 the figure.

Key Quotes

“The Euro has failed at the 20 day ma and has eroded the base of the channel at 1.1140. Rallies are struggling to overcome the 20 day ma at 1.1203 and we look for failure here. This should be enough to trigger losses to the 1.1070/23.6% retracement of the move higher this year and then the 55 day ma at 1.0995. The Elliott wave count on the daily is suggesting that we allow for losses to extend to the 1.0930/38.2% retracement”.

“Rallies are likely to find initial resistance offered by the 20 day ma at 1.1203 and remain capped by 1.1300”.