EUR/USD is shedding some of yesterday gains, focused on the US Payrolls although keeping the trade above 1.1400.
“Intra-day, the pair may remain supported going into the US NFP tonight (1330 GMT) and a breach of 1.1500 may invite a test towards 1.1540”, commented Emmanuel Ng, FX Strategist at Commerzbank.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued, “The market remains corrective near term. The Elliott wave count on the daily chart is pointing to a potential 1.1703/86 correction (double Fibonacci retracement) and even potentially 1.2085, but intraday counts are more negative”.
“Intra-day, the pair may remain supported going into the US NFP tonight (1330 GMT) and a breach of 1.1500 may invite a test towards 1.1540”, commented Emmanuel Ng, FX Strategist at Commerzbank.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued, “The market remains corrective near term. The Elliott wave count on the daily chart is pointing to a potential 1.1703/86 correction (double Fibonacci retracement) and even potentially 1.2085, but intraday counts are more negative”.
