EUR/USD: the euro is attempting to form a base and rebound (Commerzbank)

According to Commerzbank analyst Karen Jones, the EUR/USD remains on the defensive after being rejected last week from the 200-day moving average line at 1.1471 and dropped to the February low at 1.1234.

"The intraday Elliott wave counts are contradictory and it is possible that we are again testing the recent low of 1.1176. We suspect that the pair is trying to affirm itself but there is still work to do for that. Once past the 200-day moving average limit, the cross should target the January high of 1.1570, as well as the 55-week moving average olf 1.609. We consider 1.1176 as a temporary low already in place. Initial support stands at 1.1216, the November low, ahead of the preceding low at 1.1776."