28 May 2014
What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - The EUR/USD remains in the low-1.3600s today, trading on the back footing after the disappointing data from the German labour market.
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “continues to consolidate at the 200 day ma at 1.3638. This has so far not provoked much of a rebound and intraday rallies are expected to terminate ahead of 1.3695. It is not expected to hold here and we look for further losses to the 1.3476 2014 low en route to the 2012-2014 uptrend at 1.3410”.
Furthermore, FX Strategist Emmanuel Ng at OCBC Bank suggested, “Sustained dovish rhetoric from the ECB may continue to keep EUR strength at bay in the near term ahead of the 5 June ECB meeting. With the pair now bobbing below its 200-day MA (1.3642), the pair’s near tem inclination may be to test towards 1.3600/10”.
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “continues to consolidate at the 200 day ma at 1.3638. This has so far not provoked much of a rebound and intraday rallies are expected to terminate ahead of 1.3695. It is not expected to hold here and we look for further losses to the 1.3476 2014 low en route to the 2012-2014 uptrend at 1.3410”.
Furthermore, FX Strategist Emmanuel Ng at OCBC Bank suggested, “Sustained dovish rhetoric from the ECB may continue to keep EUR strength at bay in the near term ahead of the 5 June ECB meeting. With the pair now bobbing below its 200-day MA (1.3642), the pair’s near tem inclination may be to test towards 1.3600/10”.