EUR/USD has faltered ahead of our first corrective target at 1.3670 (the 200 day ma is also found here at 1.3671 ), notes Commerzbank.
“Failure here will see attention revert to the 1.3503 recent low and t he 1.3468 2012 -2014 uptrend. This remains a key break down point to 1.2750. Above 1.3690 will see a slightly deeper retracement to 1.3775. We will attempt to trade from the short side while below here,” 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 runs a limit order to sell EUR/USD as a short-term trade recommendation from t 1.3650, with a stop at 1.3710.
