5 Mar 2015
What’s in store for EUR/USD today? – OCBC Bank and Commerzbank
FXStreet (Edinburgh) - The sell off remains intact around EUR/USD on Thursday, ahead of the ECB meeting due later and the US Payrolls on Friday.
“On the data front, note that February EZ services/composite PMIs also came in a touch below expectations on Wednesday, incipient USD resilience may be expected to remain a fixture ahead of the ECB meeting later today with mild support seen at 1.1020 before the key psychological 1.1000 floor”, suggested FX Strategist at OCBC Bank Emmanuel Ng.
In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair “has eroded the 1.1098 recent low, and in doing so signals the resumption of further downside pressure to the next support/target zone offered by1.0835, the 50% retracement of the entire move up from 1985”.
“On the data front, note that February EZ services/composite PMIs also came in a touch below expectations on Wednesday, incipient USD resilience may be expected to remain a fixture ahead of the ECB meeting later today with mild support seen at 1.1020 before the key psychological 1.1000 floor”, suggested FX Strategist at OCBC Bank Emmanuel Ng.
In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair “has eroded the 1.1098 recent low, and in doing so signals the resumption of further downside pressure to the next support/target zone offered by1.0835, the 50% retracement of the entire move up from 1985”.