EUR/USD: Favouring euro recovery – Commerzbank

EUR/USD simply does not want to go through its 200-day ma at 1.1033, currently. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, analyzes the EUR/USD technical picture.

Key quotes

“The intraday Elliott wave counts all remain positive and we should see the market pick up again today.” 

“Above 1.1033 lies 1.1148/67, the end of March high and the 61.8% Fibonacci retracement. Only above here would the December high at 1.1240 to be back in play.” 

“Near-term, dips should find that the previous downtrend now offers support at 1.0828.”