FXStreet reports that Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects EUR/USD to edge lower following an outside day to the downside.
“EUR/USD charted an outside day to the downside yesterday and seems to have lost upside impetus, the stop is a profit stop but we have a sell signal on the DMI, which is worrying.”
“The intraday Elliott wave counts remain positive still and for now we cannot rule out a test of the 1.1721 four-month downtrend, but look for that to hold."
“Key support is the previous downtrend (from 2008) which is now located at 1.1395.”