EUR/USD still upside corrective – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, said the pair should find good support around 1.0615.

Key Quotes

“EUR/USD continues to stall ahead of the 1.07 recent spike high, but continues to remain corrective. The 60 minute Elliott wave count has turned more positive and is currently indicating that the dips should hold circa 1.0615”.

“Should the market go above 1.0700, we remain unable to rule out a move to 1.0820 50% retracement. Nearby support lies 1.0450 and failure here would cast attention back to the 1.0372/40 recent lows. We await a close below the 1.0372/40 lows from mid December 2016 to trigger another leg lower”.