8 Jan 2016
EUR/USD bearish below 1.0944 – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s stance remains bearish while below the 1.0944 level.
Key Quotes
“EUR/USD has seen no follow through on the downside and is trading back above 1.0819/1.0796 (May low, the July low, the 7th December low), while this is disappointing, no resistance of note has been overcome and while capped by the 1.0944 resistance line we will maintain an immediate bearish bias”.
“However the intraday Elliott wave counts have turned more positive and we would allow for a probe into tougher resistance. Above 1.0944, the market has a tough band of resistance at 1.10/1.060 – recent highs and the 200 day ma and these should act as an effective near term ceiling”.
Key Quotes
“EUR/USD has seen no follow through on the downside and is trading back above 1.0819/1.0796 (May low, the July low, the 7th December low), while this is disappointing, no resistance of note has been overcome and while capped by the 1.0944 resistance line we will maintain an immediate bearish bias”.
“However the intraday Elliott wave counts have turned more positive and we would allow for a probe into tougher resistance. Above 1.0944, the market has a tough band of resistance at 1.10/1.060 – recent highs and the 200 day ma and these should act as an effective near term ceiling”.