EUR/USD well supported around 1.1097 – Commerzbank

FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair remains well supported near the 1.1100 handle.

Key Quotes

“EUR/USD has eroded its 200 day ma at 1.1249, and remains well supported below by the 55 day ma at 1.1097”.

“The intraday Elliott wave count has turned more positive and for now we will be cautious and exit our shorts”.

“Above 1.1332, the 1st September high lies the 1.1468 May high and currently the Elliott wave count is suggesting potential to 1.1580”.