EUR/USD support emerges at 1.2165 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the next support for the pair is located at 1.2165.

Key Quotes

“EUR/USD continues to ease lower. Intraday Elliott wave counts stay negative and suggest that rallies will struggle 1.2315/50 for another leg lower. Nearby support lies at 1.2165, the 18th January low, ahead of the August and September highs at 1.2092/70”.

“The market recently failed at long term Fibonacci resistance at 1.2517/38 and we believe that following a divergence of the weekly and daily RSI that the market has topped”.

“Above 1.2538 the recent high will test the 2008- 2018 resistance line at 1.2680”.