2 Feb 2015
What lies ahead for EUR/USD? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - EUR/USD remains in the 1.1300 neighbourhood waiting for the final PMI releases in the euro bloc for the month of January.
“With the EZ Jan CPI at a softer than expected -0.6% yoy contraction, our views remain largely intact and expect a top heavy tone to persist with 1.1400 expected to cap while a consolidation zone may be expected towards 1.1200”, suggested Emmanuel Ng, FX Strategist at OCBC Bank.
In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued “The chart remains dominated by its downtrend at 1.1398, it is more negative intraday and suggesting that 1.1423 was the end of the corrective phase. Minor support lies at 1.1225/10 ahead of 1.1098 the recent low”.
“With the EZ Jan CPI at a softer than expected -0.6% yoy contraction, our views remain largely intact and expect a top heavy tone to persist with 1.1400 expected to cap while a consolidation zone may be expected towards 1.1200”, suggested Emmanuel Ng, FX Strategist at OCBC Bank.
In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued “The chart remains dominated by its downtrend at 1.1398, it is more negative intraday and suggesting that 1.1423 was the end of the corrective phase. Minor support lies at 1.1225/10 ahead of 1.1098 the recent low”.