EURUSD: Corrective bounce to fail ahead of 1.0700 - Commerzbank

Karen Jones, Analyst at Commerzbank offers technical outlook for trading EUR/USD in the near-term.

Key Quotes:

“EUR/USD’s near term outlook is negative: The Euro has seen a decent bounce over night but this is viewed as corrective only and is indicated to fail ahead of 1.0700. Failure at nearby Fibonacci support at 1.0555 should be enough to trigger weakness to the 1.0494 the March low then 1.0352/40 the January low.”

“We note that the intraday Elliott waves are suggesting we will see a deeper corrective rebound towards the 200 day ma, but we have nothing to suggest that this will be overcome so our bias stays negative.”