14 Jul 2015
EUR/USD forecast: focus on Greek vote – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - EUR/USD is trading on a softer tone during the first half of the week, currently testing session lows in the 1.0970 area.
“German June CPI and Jul ZEW readings may continue to take a back seat to Greek-related headlines today. With any Greek-related optimism diffusing fast, the 1.1000 support may remain on the verge of a breakdown ahead of the 1.0875 floor”, suggested Emmanuel Ng, FX Strategist at OCBC Bank.
In the same direction, Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “erased all of the gains seen last week and is under pressure within the confines of its range. We continue to have no strong bias here – we remain within the 1.15-1.08 band. Although we do notice that the 60 minute chart is suggesting intraday rallies to 1.1060 are likely to now fail”.
“German June CPI and Jul ZEW readings may continue to take a back seat to Greek-related headlines today. With any Greek-related optimism diffusing fast, the 1.1000 support may remain on the verge of a breakdown ahead of the 1.0875 floor”, suggested Emmanuel Ng, FX Strategist at OCBC Bank.
In the same direction, Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “erased all of the gains seen last week and is under pressure within the confines of its range. We continue to have no strong bias here – we remain within the 1.15-1.08 band. Although we do notice that the 60 minute chart is suggesting intraday rallies to 1.1060 are likely to now fail”.