17 Aug 2015
EUR/USD forecast: attention to US – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - EUR/USD keeps wobbling around the 1.1100 handle amidst scarce releases in the euro region and with USD-dynamics as the main driver.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “charted an inside day on Friday to leave our view unaltered. The market has faltered at the 1.1216 July peak for now. The intraday Elliott wave count is suggesting that dips lower will halt circa 1.1075/1.1035. Should we see the market stabilise here, the Elliott wave count is suggesting scope for a move towards the 1.1440/68 June high”.
Furthermore, FX Strategist at OCBC Bank Emmanuel Ng suggested “Going ahead, expect the pair to remain slightly conflicted (but supported) by supportive Greek-related headlines and any potential USD impetus from the Fed… On the CFTC front, net leveraged EUR shorts were pared slightly in the latest week with the pair expected to be slightly supported at the onset of this week. We look for the pair to continue to orbit 1.1100 pending further cues with support expected towards the 100-day MA (1.1044)”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “charted an inside day on Friday to leave our view unaltered. The market has faltered at the 1.1216 July peak for now. The intraday Elliott wave count is suggesting that dips lower will halt circa 1.1075/1.1035. Should we see the market stabilise here, the Elliott wave count is suggesting scope for a move towards the 1.1440/68 June high”.
Furthermore, FX Strategist at OCBC Bank Emmanuel Ng suggested “Going ahead, expect the pair to remain slightly conflicted (but supported) by supportive Greek-related headlines and any potential USD impetus from the Fed… On the CFTC front, net leveraged EUR shorts were pared slightly in the latest week with the pair expected to be slightly supported at the onset of this week. We look for the pair to continue to orbit 1.1100 pending further cues with support expected towards the 100-day MA (1.1044)”.