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#1 28-05-2018 08:53:07

johnedward
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EUR/USD: A bullish correction of the euro is potentially imminent

EUR/USD: A bullish correction of the euro is potentially imminent (Commerzbank)


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Commerzbank believes that EUR/USD rebounds should have a weak impact as long as they are under 1.1996.

"The EUR/USD fell again, it ignored the 13-wave count and the daily RSI has not yet confirmed a new low.

The pair remains directly bearish below the bearish trendline around 1.1758, and rallies will have very little impact on the trend as long as they remain below 1.1996, the 14 May high.

Currently, the Elliott wave count suggests a rebound to 1.1860/1.1980. We note a certain number of warning signals, suggesting that a bullish correction is imminent.

In the longer term, we are targeting the May 2016 high at 1.1616, the November low at 1.1553, and the 200-week moving average at 1.1442.
"


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