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EUR/USD to dive towards 1.1620 on a break below 1.1732 – Commerzbank

EUR/USD to dive towards 1.1620 on a break below 1.1732 – Commerzbank ; EUR/USD extends its overnight range play below mid-1.1800 into the European session.

EUR/USD to dive towards 1.1620 on a break below 1.1732 – Commerzbank
Yazar: Zack Smith

Yayınlanma: 7 Eylül 2020 14:47

Güncellenme: 6 Kasım 2024 16:20

EUR/USD to dive towards 1.1620 on a break below 1.1732 – Commerzbank

  EUR/USD extends its overnight range play below mid-1.1800 into the European session. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, is focused on the four-month uptrend at 1.1732 as a lost of this level will introduce scope for a slide towards the 55-day ma at 1.1620.

Key quotes

“EUR/USD sold off last week and starts this week with the focus on the four-month uptrend at 1.1732. Intraday Elliott wave counts are negative and there is a risk that the up trend will give way. Failure here will target the 55-day ma at 1.1620 and potentially the March high at 1.1495.” “The market has recently failed at 1.2014 and intraday rallies are indicated to hold below 1.1875.”  
S3 S2 S1 R1 R2 R3
1.1707 1.1744 1.1791 1.1876 1.1913 1.1960
Trend Index OB/OS Index
Bullish Neutral
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