Over the next several months, Barclay’s Kotick expects a “choppy corrective” type of action in the euro/dollar. He pinpoints key chart resistance at the $1.25/1.28 zone. However, based on bullish Elliott Wave counts and other factors, Kotick remains dollar-bullish. By year-end, he sees potential for dollar gains toward the $1.10/1.05 region.
Looking at the charts, Phil Roth, chief technical market analyst at Miller Tabak & Co., says the near term trend of the euro is down. He points to support at $1.16/1.17.
“If support at $1.16 doesn’t hold, we’ll get an extension downward with next support at $1.10,” he says.
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