FXStreet reports that Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, suggests that EUR/USD may fall below the 1.1750 level.

“EUR/USD is still pretty sidelined. It recently tested and failed at the end of July high at 1.1909, but so far has found nearby support just ahead of the 1.1752 mid-July low.”

“We are ideally looking for the market to ideally stabilise ahead of 1.1750, however, it should be noted that the intraday Elliott wave counts are negative and implying failure ahead of 1.1840.”

“A move above 1.1863 (resistance line) is needed to alleviate immediate downside pressure and would allow for a retest of 1.1909 and the 1.1990/1.2014 August 2020 high and 200-day ma.”