15 Jul 2014
What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - After testing the 1.3600 key support, the EUR/USD is now attempting a bounce back to the 1.3630 level ahead of the German ZEW Survey.
According to Emmanuel Ng, FX Strategist at OCBC Bank, “the German July ZEW is due to be released and expect the pair to continue top mark time within a familiar range, fenced off by the 200-day MA (1.3678) on the upside, while the region around 1.3570 may support”.
Furthermore, Senior Technical Analyst at Commerzbank Axel Rudolph commented, “EUR/USD still targets the current July low at 1.3576 below which lies the much more important 1.3511 2012-2014 uptrend and the 1.3503 recent low… Only above 1.3701 will alleviate immediate downside pressure for a deeper retracement to 1.3807 (61.8% retracement)”.
According to Emmanuel Ng, FX Strategist at OCBC Bank, “the German July ZEW is due to be released and expect the pair to continue top mark time within a familiar range, fenced off by the 200-day MA (1.3678) on the upside, while the region around 1.3570 may support”.
Furthermore, Senior Technical Analyst at Commerzbank Axel Rudolph commented, “EUR/USD still targets the current July low at 1.3576 below which lies the much more important 1.3511 2012-2014 uptrend and the 1.3503 recent low… Only above 1.3701 will alleviate immediate downside pressure for a deeper retracement to 1.3807 (61.8% retracement)”.