8 Jul 2014
What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - The EUR/USD remains locked within a narrow range on Tuesday around the 1.3600 handle, looking for any catalyst to break the dullness either way.
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “Only above 1.3701 will alleviate immediate downside pressure for a deeper retracement to 1.3807 (61.8% retracement). We will attempt to trade from the short side while below here. Our longer term view remains bearish”.
Emmanuel Ng, FX Strategist at OCBC Bank, added, “In the near term, the pair may continue to mark time ahead of the ECB Draghi’s scheduled appearance on Wednesday. As noted yesterday, we remain suspect of the EUR’s upside potential in the near term and expect it to be hemmed in by the 200-day MA (1.3677) up top while 1.3525 may support on near term dips”.
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “Only above 1.3701 will alleviate immediate downside pressure for a deeper retracement to 1.3807 (61.8% retracement). We will attempt to trade from the short side while below here. Our longer term view remains bearish”.
Emmanuel Ng, FX Strategist at OCBC Bank, added, “In the near term, the pair may continue to mark time ahead of the ECB Draghi’s scheduled appearance on Wednesday. As noted yesterday, we remain suspect of the EUR’s upside potential in the near term and expect it to be hemmed in by the 200-day MA (1.3677) up top while 1.3525 may support on near term dips”.