8 Jul 2015
EUR/USD forecast: Greece and FOMC eyed – Commerzbank and UOB Group
FXStreet (Edinburgh) - EUR/USD has regained the 1.1000 handle today following a softer tone in the greenback ahead of the FOMC minutes due later.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted “The market has eroded last weeks low at 1.0950 BUT has not closed below here and there does appear some reluctance to sustain a break lower presently. While capped by the 1.1095 resistance line our targets are the 1.0819 May low and then the 1.0748 3 month uptrend”.
In addition, analysts at UOB Group, suggested “EUR dropped sharply to touch a low of 1.0915 before rebounding strongly. It appears that we have seen a temporary low but the up-move is likely part of a broad consolidation phase and not a bullish reversal. Expect choppy trading for today, likely between a broad 1.0950/1.1080 range”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted “The market has eroded last weeks low at 1.0950 BUT has not closed below here and there does appear some reluctance to sustain a break lower presently. While capped by the 1.1095 resistance line our targets are the 1.0819 May low and then the 1.0748 3 month uptrend”.
In addition, analysts at UOB Group, suggested “EUR dropped sharply to touch a low of 1.0915 before rebounding strongly. It appears that we have seen a temporary low but the up-move is likely part of a broad consolidation phase and not a bullish reversal. Expect choppy trading for today, likely between a broad 1.0950/1.1080 range”.