EUR/USD upticks should struggle near 1.2315/50 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, occasional bullish attempts in the pair are poised to struggle in the 1.2315/50 band.

Key Quotes

“EUR/USD held steady on Friday. Intraday Elliott wave counts are contradictory but suggest that rallies should struggle circa 1.2315/50. Nearby support lies at 1.2165, the 18th January low, ahead of the August and September highs at 1.2092/70”.

“The market recently failed at long term Fibonacci resistance at 1.2517/38 and we believe that following a divergence of the weekly and daily RSI that the market has topped”.

“Above 1.2538 the recent high will test the 2008- 2018 resistance line at 1.2680”.