EUR/USD focus now remains on 1.2240/24 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair’s attention should now shift to the 1.2240/24 band.

Key Quotes

“EUR/USD is struggling to overcome the 20 and 55 day moving averages at 1.2325/1.2338 and attention remains on the 1.2240 20th March low and the 1.2224 2017-2018 uptrend. The intraday Elliott wave counts remain negative”.

“While above here, we remain unable to rule out a retest of the January and February highs at 1.2538/56 and the long term downtrend at 1.2622, but this is looking less likely”.

“This is made up of the mid-January and current March lows and the 2017-2018 uptrend. A weekly close below here would add weight to the idea that the market recently topped at 1.2556”.