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#1 04-10-2018 17:35:50

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From: Paris - France
Registered: 21-12-2009
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EUR/USD: the euro could now drop towards 1.1411 (Commerzbank)

EUR/USD: the euro could now drop towards 1.1411 (Commerzbank)

In view of the recent decline, the EUR/USD could now slide to 1.1411, Commerzbank says.

"The EUR/USD is on the defensive and broke key support at 1.1510/08.

This destabilises the charts and allows for a fall towards 1.1411, the 78.6% retracement. This level is considered the last defense before the 200-week moving average at 1.1330 and the recent low at 1.1301.

We note that Elliott waves continue to indicate that the move is corrective and ideally we could see the 1.1411 hold and cause a reversal.

Any rallies will meet resistance at 1.1607/41, with the 20 and 55-day moving averages, and it is only above this area that we could observe a new acceleration towards the 1.1790/1.1815 zone.

"Anything worth having is worth going for - all the way." - J.R. Ewing



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