13 Jan 2015
EUR/USD risks remain on the downside – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, notes that EUR/USD risks remain on the downside and expects the market to hold the initial test of the 2005 low at 1.1640.
Key Quotes
“EUR/USD is capped very near term by the short term down trend at 1.1861- and while capped here risks remain on the downside. The Elliott wave count on the daily and the 2005 low come in at 1.1640/70 ish. This is the key level of support and we look for it to hold the downside.”
“We also have a 13 count and TD support at 1.1715."
"Near term we would allow for a rebound towards the accelerated downtrend at 1.1861 and should this be breached, we have a time zone gap to 1.2000.“
“Key resistance is now the 200 month ma at 1.2235. Longer term, a close below 1.1640 should be enough to trigger losses to 1.1210 then 1.0835, both are long term Fibos.”
Key Quotes
“EUR/USD is capped very near term by the short term down trend at 1.1861- and while capped here risks remain on the downside. The Elliott wave count on the daily and the 2005 low come in at 1.1640/70 ish. This is the key level of support and we look for it to hold the downside.”
“We also have a 13 count and TD support at 1.1715."
"Near term we would allow for a rebound towards the accelerated downtrend at 1.1861 and should this be breached, we have a time zone gap to 1.2000.“
“Key resistance is now the 200 month ma at 1.2235. Longer term, a close below 1.1640 should be enough to trigger losses to 1.1210 then 1.0835, both are long term Fibos.”