EUR / USD poised for a return to interim support at 1.1695 – Commerzbank

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Axel Rudolph, FICC Senior Technical Analyst at Commerzbank, expects the EUR / USD pair to revisit the 1.1695 zone and see further losses to 1.1612.

Key statements:

“EUR / USD failed to remove support offered by the August low at 1.1695 last week, and although we are seeing a small rebound from here, the indications are that this rally should lose steam at the 1.1765 area.”

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“Intraday Elliott Wave counts remain negative and this suggests further losses to the recent low of 1.1612.”

“Below 1.1612 it would point to the March high of 1.1495, which is expected to contain.”

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“Close resistance is at 1.1831 / 71. Above 1.1871 (maximum of September 21), the necessary requirement for recovery would be met at 1.1971 and then at 1.2014 / 15 ”.

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Credits: Forex Street

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