EUR/USD: Consolidating - Commerzbank

According to analysts at Commerzbank, EUR/USD continues to hold steady at the 55 and 100 day moving averages at 1.1305/47, as they view it as consolidating.

Key Quotes

“The 1.1176 recent low is regarded as an interim low and we suspect that the market is trying to base but needs to do more work (we note the 13 count on the weekly chart and this adds weight to the idea of a potential base).”

“Initial resistance is the 100 day ma at 1.1347 and the resistance line at 1.1388 ahead of the 200 day ma at 1.1440. The cross should target the 1.1570 January high, together with the 55 week ma at 1.1551. We have conflicting Elliott wave counts intraday and recently tightened our stops.”

“Below 1.1185/75 (61.8% retracement) lies the 1.1110, the May 2017 low and the 1.0814/78.6% retracement.”