EUR/USD room for a visit to 1.1296 - Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could attempt another test of 1.1296.

Key Quotes

“The Euro’s rebound from the 1.1110 end of May low has eroded the 20 day ma but not sustained the break. We are unable to rule out a retest of the 1.1296 recent high and 1.1300 November high. These guard the highs from mid 2016 circa 1.1429 and the two year resistance line at 1.1467. The intraday Elliott waves counts are neutralising”.

“However a move below 1.1170 should be enough to trigger losses to the bottom of the range at 1.1100. This remains the break down point to the 1.1036 55 day ma and the 1.0822 200 day ma”.