4 Dec 2013
Flash: What lies ahead of the EUR/USD? – Commerzbank and OCBC Bank
FXstreet.com (Edinburgh) - The EUR/USD is struggling to regain the 1.3600 handle on Wednesday, keeping the narrow range ahead of the ECB meeting tomorrow and US Payrolls on Friday.
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “remains within confines of the rising wedge pattern. This offers resistance at 1.3635 today and support at 1.3492… We look for the 1.3295/94 zone to be retested (current November low and the 50% retracement of the move up from July)”.
“The 55-day MA (1.3563) may provide a local locus while we would continue to fade any rallies in the near term. Downside way points are expected towards 1.3540 and then at 1.3500”, observed Emmanuel Ng, Strategist at OCBC Bank.
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “remains within confines of the rising wedge pattern. This offers resistance at 1.3635 today and support at 1.3492… We look for the 1.3295/94 zone to be retested (current November low and the 50% retracement of the move up from July)”.
“The 55-day MA (1.3563) may provide a local locus while we would continue to fade any rallies in the near term. Downside way points are expected towards 1.3540 and then at 1.3500”, observed Emmanuel Ng, Strategist at OCBC Bank.