19 Nov 2014
What’s the sentiment around EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - EUR/USD keeps the trade above the 1.2500 handle on Wednesday, ahead of the key FOMC minutes.
According to Axel Rudolph, Senior Technical Analyst at Commerzbank, “Key resistance above the 1.2600/14 resistance area is regarded as 1.2740/50, the 23.6% retracement of the entire move lower seen in 2014 and the lows for 2013… Longer term reaching this area would have no impact on the underlying bear trend and we continue to target the 200 month ma at 1.2225”.
On the other hand, FX Strategist Emmanuel Ng at OCBC Bank noted “With the dollar losing its verve slightly against the EUR in recent sessions, look to the FOMC minutes later today for further cues with the pair seen hovering around the 1.2500 neighborhood in the interim. Structurally, we continue to expect the pair to remain asymmetrically biased towards positive USD news flow multi-session”.
According to Axel Rudolph, Senior Technical Analyst at Commerzbank, “Key resistance above the 1.2600/14 resistance area is regarded as 1.2740/50, the 23.6% retracement of the entire move lower seen in 2014 and the lows for 2013… Longer term reaching this area would have no impact on the underlying bear trend and we continue to target the 200 month ma at 1.2225”.
On the other hand, FX Strategist Emmanuel Ng at OCBC Bank noted “With the dollar losing its verve slightly against the EUR in recent sessions, look to the FOMC minutes later today for further cues with the pair seen hovering around the 1.2500 neighborhood in the interim. Structurally, we continue to expect the pair to remain asymmetrically biased towards positive USD news flow multi-session”.