09:39:31 19-10-2021
EUR/USD set to grind higher towards the 1.1746 mark – Commerzbank
EUR/USD has eroded its accelerated downtrend. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to head towards the 1.1746 four-month downtrend.
Accelerated downtrend eroded
“EUR/USD has broken higher through the accelerated downtrend as suspected.”
“The intraday Elliott wave counts remain positive and we would allow for a deeper retracement to 1.1746 four-month downtrend.”
“Dips lower are indicated to hold around 1.1565. Below 1.1522 (last week's low) lies the 50% retracement of the move from 2020 and the March 2020 high at 1.1492/95.”
“Key support is the previous downtrend (from 2008) which is now located at 1.1395.”