EUR/USD rallies should meet resistance at 1.1593/1.1625 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair’s upside is expected to face initial hurdle at 1.1593/1.1625.

Key Quotes

“EUR/USD has eroded the 5 month pivot line and sold off towards 1.1411, the 78.6% retracement only to reverse just ahead of here. We will ideally see the market hold and reverse here. Note that the Elliot wave count has turned more negative. Rallies will find initial resistance at 1.1593/1.1625, the 20 and 55 day ma and only above here will allow for another run up to the 1.1790/1.1815 region”.

“The 1.1411 level is seen as the last defence for the 1.1325 200 week ma and the 1.1301 recent low”.