EUR/USD targets the 1.1664 August low – Commerzbank

EUR/USD is bouncing back above 1.1700. Nonetheless, in the view of Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, downside risks remain.

EUR/USD remains under pressure near-term

“We have negative Elliott wave counts and a sell signal on the DMI and would allow for losses to the 1.1664 August low.”

“Intraday rallies are indicated to fail ahead of 1.1750.”

“The August low at 1.1664 guards the 200-week ma at 1.1576 and the previous downtrend nowat 1.1424.”