24 Jul 2015
EUR/USD forecast: waiting for PMIs – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - The single currency has returned to sub-1.10 levels vs. the greenback on Friday ahead of flash PMIs in the euro area.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued the pair “has rallied, tested and stalled at the 20 day ma at 1.1014. Attention remains on the May low at 1.0819 and the 1.0790 uptrend. We are unable to rule out slight further gains to the 1.1052 pivot (26th March high) and 1.1076 the near term resistance line, which we continue to look to cap”.
In addition, FX Strategist at OCBC Bank Emmanuel Ng commented “Apart from Greek talks due to re-commence today, look also to the flash manufacturing PMIs to provide some potential directionality. In the interim, it remains to be seen if progress on the Greece front would be able to pull the EUR-USD back above 1.1000, with the 55-day MA (1.1128) expect to cap. On the downside, initial support is expected towards 1.0930”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued the pair “has rallied, tested and stalled at the 20 day ma at 1.1014. Attention remains on the May low at 1.0819 and the 1.0790 uptrend. We are unable to rule out slight further gains to the 1.1052 pivot (26th March high) and 1.1076 the near term resistance line, which we continue to look to cap”.
In addition, FX Strategist at OCBC Bank Emmanuel Ng commented “Apart from Greek talks due to re-commence today, look also to the flash manufacturing PMIs to provide some potential directionality. In the interim, it remains to be seen if progress on the Greece front would be able to pull the EUR-USD back above 1.1000, with the 55-day MA (1.1128) expect to cap. On the downside, initial support is expected towards 1.0930”.