25 Jun 2015
EUR/USD forecast: attention to the Eurogroup – Commerzbank and UOB Group
FXStreet (Edinburgh) -Without any EU-Greece breakthrough overnight, EUR/USD will remain focused on another Eurogroup meeting today in order to unlock the debt negotiation.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “is currently sitting on cloud support coming in circa 1.1142. The market has recently failed at dense overhead resistance, offered by the five month resistance line, May high and February peak at 1.1442/1.1534. The intraday Elliott counts have become a lot more negative and we will look for a return to the 1.1052 26th March high and the 1.1013 2 month support line”.
“The downward pressure has eased with the rebound to a high of 1.1235. The current movement is likely part of a consolidation phase. Expect sideway trading for today, likely between 1.1.1160 and 1.1250”, argued analysts at UOB Group.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “is currently sitting on cloud support coming in circa 1.1142. The market has recently failed at dense overhead resistance, offered by the five month resistance line, May high and February peak at 1.1442/1.1534. The intraday Elliott counts have become a lot more negative and we will look for a return to the 1.1052 26th March high and the 1.1013 2 month support line”.
“The downward pressure has eased with the rebound to a high of 1.1235. The current movement is likely part of a consolidation phase. Expect sideway trading for today, likely between 1.1.1160 and 1.1250”, argued analysts at UOB Group.