- Analytics
- News and Tools
- Market News
- EUR/USD bounce losing upside momentum - Commerzbank
EUR/USD bounce losing upside momentum - Commerzbank
Karen Jones, analyst at Commerzbank, suggests that the EUR/USD pair has held over the 1.1110, the May 2017 low but seems to be losing upside momentum just ahead of the 55 day ma at 1.1274.
“Market may need to consolidate further, intraday Elliott wave counts are contradictory. For now, we are unable to rule out a retest of the 1.1110 support. Be advised that the pattern being traced out is a potential large reversal pattern, we have divergence of the weekly RSI and a 13 count on the weekly chart as well and there is a risk of reversal. Support at 1.1110 is regarded as the break down point to 2018-2019 support line (connects the lows) at 1.1059, the 1.0963 TD support and the 1.0814/78.6% retracement. Initial resistance is the 100 day ma at 1.1329 and the resistance line at 1.1356 ahead of the 200 day ma at 1.1413. Only above the 200 day ma would this imply reversal.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
