The EUR / USD fell below 1.20 on Thursday and has not been able to regain that level. Beyond a small short-term rally, analysts from Commerzbank they seek deeper losses.
“EUR / USD has eroded the 1.2000 level and this has turned attention to the downside. The next support is at 1.1945, which is the 23.6% retracement of the upward movement since March 2020. “
“A move below 1.1945 will imply a deeper sell-off to 1.1750 and possibly towards the 1.1695 / 02 support, this is the retracement of 38.2% and the lows of September and November. It would also represent a return to the breaking point of the previous 12-year downtrend. “
“The Elliott wave count on the daily chart implies that the market is likely to fail recoveries to 1.2040 / 75. We also see 13 counts on the 60 and 240 minute charts, so we will try to sell the rally. “
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