6 May 2014
What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - The buying interest woke up around the euro on Tuesday, propelling the EUR/USD to fresh multi-week highs around 1.3930.
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “Currently we remain unable to rule out an extension to the 1.3967 recent high and possibly the two resistance lines at 1.4012 and 1.4023 (on weekly chart – these connect the highs from 2012), and, if seen, we look for these latter levels to hold the topside”.
“The Ecofin meeting (and the PMI readings) today may yield further color for the EUR’s short term prospects while our neutral posture remains unchanged in the interim. The 55-day MA (1.3810) is expected to support while 1.3900 and 1.3935 may also cap pending further pointers from the ECB this week”, noted Emmanuel Ng, FX Strategist at OCBC Bank.
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “Currently we remain unable to rule out an extension to the 1.3967 recent high and possibly the two resistance lines at 1.4012 and 1.4023 (on weekly chart – these connect the highs from 2012), and, if seen, we look for these latter levels to hold the topside”.
“The Ecofin meeting (and the PMI readings) today may yield further color for the EUR’s short term prospects while our neutral posture remains unchanged in the interim. The 55-day MA (1.3810) is expected to support while 1.3900 and 1.3935 may also cap pending further pointers from the ECB this week”, noted Emmanuel Ng, FX Strategist at OCBC Bank.