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EUR/USD maintains scope for a deeper sell off – Commerzbank

According to Karen Jones, analyst at Commerzbank, EUR/USD pair maintains scope for a deeper sell off to the 100 day ma at 1.1066, but we should see some stabilisation between here and the 3 month uptrend at 1.1059.

Key Quotes

“Intraday Elliott wave counts are neutral to negative. Overhead the market is facing tough resistance at 1.1190-1.1240 – namely the 55 week ma, the 2019-2020 down channel and the recent high. This guards the 200 week ma at 1.1360 which continues to represent a critical break point medium term.”

“Failure at the uptrend would target the 1.0981 29th November low.”

When are the UK CPIs and how could they affect GBP/USD?

The cost of living in the UK as represented by the consumer price index (CPI) for December is due later on Wednesday at 0930 GMT. The headline CPI inf
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France Consumer Price Index (EU norm) (MoM) in line with forecasts (0.5%) in December

France Consumer Price Index (EU norm) (MoM) in line with forecasts (0.5%) in December
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