EUR/USD charted a tiny range to leave the immediate technical outlook unchanged, notes Commerzbank.
“The market is seeing some fairly choppy trading but remains essentially corrective near term. The Elliott wave count on the daily chart is suggesting a rebound to 1.3770 prior to the next swing lower. Intraday charts are neutral and rallies will find initial resistance at 1.3644, 1.3677/90 (early June high and Fibo),” CB projects.
“Our longer term view remains bearish while we are below 1.40, the Elliott wave count on the daily chart is suggesting that rebounds should not exceed the 1.3775 zone,” CB adds.
In line with this view, CB maintains along EUR/USD position as a short-term trade recommendation with a stop at 1.3560, and a target at 1.3725.
