26 Mar 2015
What’s the sentiment around EUR/USD today? – OCBC Bank and Commerzbank
FXStreet (Edinburgh) - The pair remains backed by softer tone from the greenback, still looking to break the 1.1000 barrier in a more sustainable basis.
“With the ECB reportedly raising the ELA (Emergency Liquidity Assistance) ceiling for Greek banks, the EUR may derive marginal support (note recent responsiveness in the spot to the short-end riskies) although the pair may continue to contemplate the pivotal 1.1000 resistance warily. As noted previously however, we adhere to a buy dips posture for now”, suggested Emmanuel Ng, FX Strategist at OCBC Bank.
In addition, Senior Technical Analyst at Commerzbank Axel Rudolph commented "EUR/USD still probes the three month downtrend channel line at 1.0993. While it and last week’s high at 1.1037 as well as the January low at 1.1098 cap on a daily chart closing basis, we will retain our bearish bias”.
“With the ECB reportedly raising the ELA (Emergency Liquidity Assistance) ceiling for Greek banks, the EUR may derive marginal support (note recent responsiveness in the spot to the short-end riskies) although the pair may continue to contemplate the pivotal 1.1000 resistance warily. As noted previously however, we adhere to a buy dips posture for now”, suggested Emmanuel Ng, FX Strategist at OCBC Bank.
In addition, Senior Technical Analyst at Commerzbank Axel Rudolph commented "EUR/USD still probes the three month downtrend channel line at 1.0993. While it and last week’s high at 1.1037 as well as the January low at 1.1098 cap on a daily chart closing basis, we will retain our bearish bias”.