2 Jul 2014
What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - The EUR/USD is trading on a softer tone on Wednesday, coming down from recent highs just above the key1.3700 handle.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s “topside remains thwarted by the 55 day ma at 1.3697… We also note the Elliott wave count is suggesting this short term rally higher is nothing more than a correction – we should therefore see this market fail circa 1.3700-45”.
Furthermore, FX Strategist Emmanuel Ng at OCBC Bank observed “EUR-USD may in the near term attempt to cling to its 200-day MA (1.3676) with the 55-day MA (1.3697) seen as an initial cap. While positive risk appetite levels may lend underlying support to the pair, faint apprehension towards ECB discomfort towards the EUR may temper excessive upside into the ECB meeting later this week. On the downside, support is seen towards 1.3650”.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s “topside remains thwarted by the 55 day ma at 1.3697… We also note the Elliott wave count is suggesting this short term rally higher is nothing more than a correction – we should therefore see this market fail circa 1.3700-45”.
Furthermore, FX Strategist Emmanuel Ng at OCBC Bank observed “EUR-USD may in the near term attempt to cling to its 200-day MA (1.3676) with the 55-day MA (1.3697) seen as an initial cap. While positive risk appetite levels may lend underlying support to the pair, faint apprehension towards ECB discomfort towards the EUR may temper excessive upside into the ECB meeting later this week. On the downside, support is seen towards 1.3650”.