EUR/USD forecast: eyes on ZEW – Commerzbank and Scotiabank

By FXStreet FXStreet (Edinburgh) – The pair is trading on a softer tone on Tuesday, ahead of the German and EMU ZEW Survey and US Retail Sales.

“EUR/USD remains upside corrective near term and will remain so while above the 55 day ma at 1.1102. The intraday Elliott wave count has turned more positive – the move above 1.1332, the 1st September high suggests gains to the 1.1468 May high and currently the Elliott wave count is suggesting potential to 1.1500”, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

In addition, Currency Strategist Eric Theoret at Soctiabank noted “momentum indicators are close to neutral and trend signals are relatively muted. EUR gains above 1.1300 are proving to be short-lived, and we look for a decline back toward the 200 day MA at 1.1244”.
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Source:: FX Street