The safe-haven dollar has been spreading its gains, pushing EUR / USD towards 1.17. Karen Jones, head of technical analysis team at Commerzbank, expects the pair to test August’s low at 1,664, although a small rebound on Monday is on the table.
Attention is on the August low at 1.1664
“EUR / USD sold last week and has eroded the mid-July low of 1.1752. We have negative Elliott wave counts and a sell signal on the DMI, so the pair is downward biased“.
“We expect losses towards the March low at March 1.1704 and the August low at 1.1664.” “We look at count 13 on the 240 minute chart and we can see a small bounce today towards 1.1785.”
“The August low at 1.1664 it protects the 200-week moving average at 1.1576 and the previous downtrend now at 1.1424. “
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