EUR / USD points to further gains towards four-month downtrend at 1.1741 – Commerzbank

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The EUR / USD appears to have entered a consolidation phase around 1.1650 on Wednesday. In the opinion of Karen Jones, head of the technical analysis research team at Commerzbank, the pair is set to see gains towards the four-month downtrend in 1.1741.

Attention is on the four-month downtrend at 1.1741

EUR / USD is in short-term recovery mode. Intraday Elliott wave counts remain positive and would allow for a deeper pullback to the four-month downtrend of 1.1741 “.

“The drops should stay around 1.1600. 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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