15 Nov 2013
Flash: What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank
FXstreet.com (Edinburgh) -The EUR/USD is now losing the grip around the 1.3440 region on Friday, following lower-than-expected final figures from EMU’s CPI during October and poor GDP data in the third quarter.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, “The Elliott wave count is suggesting that we are likely to see failure 1.3535/95 on the daily chart, but the intraday charts are suggesting this consolidation phase is likely to already be at an end. Maintain a negative bias”.
In addition, Strategist Emmanuel Ng at OCBC Bank, noted “EZ GDP numbers from overnight may continue to weigh on the pair into the end of the week while on the technical front, we note that the 55-day MA (1.3497) continues to repel upside probes. Initial support is expected towards 1.3430 before 1.3400 and gravity may prevail given the continued dovish mood set by the ECB in recent sessions”.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, “The Elliott wave count is suggesting that we are likely to see failure 1.3535/95 on the daily chart, but the intraday charts are suggesting this consolidation phase is likely to already be at an end. Maintain a negative bias”.
In addition, Strategist Emmanuel Ng at OCBC Bank, noted “EZ GDP numbers from overnight may continue to weigh on the pair into the end of the week while on the technical front, we note that the 55-day MA (1.3497) continues to repel upside probes. Initial support is expected towards 1.3430 before 1.3400 and gravity may prevail given the continued dovish mood set by the ECB in recent sessions”.