18 May 2015
What’s in store for EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - The single currency has started on a negative tone vs. the greenback on Monday, giving away some gain after climbing as high as 1.1450 overnight.
“Despite potential negatives stacking up, the pair may in the near term continue to be driven by broad dollar vulnerability. On the CFTC front, net leveraged EUR shorts were pared for the seventh consecutive week, lending credence to the EUR-USD’s recent supported tone with the market now expected to contemplate the viability of the 1.1500 resistance”, noted Emmanuel Ng, FX Strategist at OCBC Bank.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair “faltered on Friday on its approach to the 1.1513/34 February high and 50% retracement – this is an interim target and may provoke some profit taking. Above here lies the double Fibonacci retracement at 1.1808/1.1775”.
“Despite potential negatives stacking up, the pair may in the near term continue to be driven by broad dollar vulnerability. On the CFTC front, net leveraged EUR shorts were pared for the seventh consecutive week, lending credence to the EUR-USD’s recent supported tone with the market now expected to contemplate the viability of the 1.1500 resistance”, noted Emmanuel Ng, FX Strategist at OCBC Bank.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair “faltered on Friday on its approach to the 1.1513/34 February high and 50% retracement – this is an interim target and may provoke some profit taking. Above here lies the double Fibonacci retracement at 1.1808/1.1775”.