EUR/USD consolidative below 1.1976 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair continues to consolidate below 1.1976.

Key Quotes

“EUR/USD remains below the 78.6% retracement at 1.1976 and is consolidating below here. A close below 1.1768 55 day ma and preferably below 1.1712 the recent low is needed to alleviate immediate upside pressure. The intraday Elliott wave counts remain neutral. 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 and allow for slippage back to the 1.1553 7th November low”.