EUR/USD is looking for recovery – Commerzbank

According to Karen Jones, analyst at Commerzbank, EUR/USD is showing small signs of recovery, the intraday Elliott wave counts are contradictory and they remain unable to rule out scope for a deeper sell off to the 100 day ma and uptrend at 1.1067/61.

Key Quotes

“Overhead the market is facing tough resistance at 1.1190-1.1240 – namely the 55 week ma, the 2019-2020 down channel and the recent high. This guards the 200 week ma at 1.1360 which continues to represent a critical break point medium term.”

“Failure at the uptrend would target the 1.0981 29th November low.”