The EUR/USD it lost almost 40 pips on Monday. Karen Jones, Technical Analysis Research Team Leader at Commerzbank, expects the world’s most popular currency pair to continue to decline.
The four-month downtrend at 1.1721 limits the pair
“EUR / USD was down one day yesterday and appears to have lost momentum to the upside, the stop is a profit stop, but we have a sell signal on the DMI, which is worrying.”
“Intraday Elliott wave counts are still positive and for now we cannot rule out test of the four-month downtrend of 1.1721, but we expect that zone to hold.”
“Below 1.1522 (last week’s low) is the 50% retracement of the 2020 movement and the March 2020 high at 1.1492 / 95.”
“The key support is the previous downtrend (from 2008) which is now at 1.1395.”
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