EUR/USD is now consolidating – Commerzbank
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair is now in a consolidative mode.
“EUR/USD has stalled just ahead of the 78.6% retracement at 1.1976 and is consolidating. A close below 1.1774 55 day ma and preferably below 1.1712 the recent low is needed to alleviate immediate upside pressure. The intraday Elliott wave counts have again neutralised. The Fibonacci retracement at 1.1976 is regarded as the last defence for the 1.2092 September high”.
“Below the 55 day ma alleviates upside pressure – below 1.1712 the 21st November low should negate upside pressure”.