EUR/USD upside corrective stays above 1.1617 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair should keep the upside corrective bias as long as it trades above 1.1617.

Key Quotes

“EUR/USD has maintained upside pressure and we look for a deeper retracement into the 1.1875/1.1990 band. Very near term, while above the 1.1617 1^st June low, we will assume an upside corrective bias. It is interesting to note that the intraday Elliott wave counts are still indicating failure and for that reason we are going to reattempt some short positions”.

“The loss of 1.1617/16 should be enough to signal a retest of the target band at 1.1553-1.1424. This is the location of the November 2017 low, the 200 week ma and the 50% retracement of the move from 2017- 2018”.