23 Jun 2014
What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - The EUR/USD regained the 1.3600 handle on Monday, boosted by auspicious Chinese PMI print and ahead of the preliminary gauges from the manufacturing and services sectors in the euro area.
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “is seeing some fairly choppy trading – essentially it is corrective near term and the Elliott wave count on the daily chart is suggesting a rebound to 1.3770 prior to the next swing lower”.
In addition, Emmanuel Ng, FX Strategist at OCBC Bank, commented, “the pair may continue to bounce within in a 1.3460-1.3720 range multi-session and a sustained break above the 1.3600-1.3650 neighborhood may neutralize our inherent heavy bias for the pair”.
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “is seeing some fairly choppy trading – essentially it is corrective near term and the Elliott wave count on the daily chart is suggesting a rebound to 1.3770 prior to the next swing lower”.
In addition, Emmanuel Ng, FX Strategist at OCBC Bank, commented, “the pair may continue to bounce within in a 1.3460-1.3720 range multi-session and a sustained break above the 1.3600-1.3650 neighborhood may neutralize our inherent heavy bias for the pair”.