EUR/USD upside pressure intact above 1.1824 – Commerzbank
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s upside bias remains intact while above 1.1824.
“EUR/USD has stalled just ahead of the 78.6% retracement at 1.1976 and has sold off towards the near term uptrend, today at 1.1824. While this holds immediate upside pressure is maintained, however a close below here and preferably below 1.1712 the recent low is needed to alleviate immediate upside pressure. The intraday Elliott wave counts are negative and downside risks are growing”.
“Fibonacci retracement at 1.1976 is regarded as the last defence for the 1.2092 September high”.
“Below the uptrend alleviates upside pressure – below 1.1712 the 21st November low should negate upside pressure”.