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EUR/USD holding above 1.2600 - Commerzbank

FXStreet (Łódź) - Karen Jones, analyst at Commerzbank points out that EUR/USD is trading above the 1.2600 level, making it sidelined/continuing its correction in the very near term.

Key quotes

"EUR/USD is capped very near term by the 1.2791 9th October high."

"The Elliott wave count on the daily chart is suggesting a deeper retracement to 1.2955/1.3100, and this cannot be ruled out (although this is not our core scenario)."

"Loss of 1.2600 should be enough to cast attention back to the 1.2500/1.2460 supports (recent low and 78.6% retracement)."

"Current position: Square Recommended trade:. Attempt small shorts 1.2770, stop 1.2795."

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