The EUR / USD may fall below the 1.1750 level, according Karen Jones, Head of the technical analysis team at Commerzbank.
A break above 1.1863 is needed to ease immediate downside pressure
“EUR / USD is still quite marginal. It recently tried and failed to break above the 1.1909 high, but has so far found close support just before the mid-July low at 1.1752.”
“Ideally the market should stabilize before reaching 1.1750, however it should be noted that intraday elliott wave counts are negative and imply a failure before 1.1840.”
“A move above 1.1863 (resistance line) is needed to ease the immediate downside pressure that would allow for a retest of 1.1909 and the area of the August high and 200-day moving average at 1.1990 / 1.2014.”
“Support at 1.1752 protects the March low at 1.1704 and the August low at 1.1664.”
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