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11 Nov 2014
What’s the sentiment around EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - EUR/USD remains in the lower band of the range near 1.2400 the figure on Tuesday against a backdrop of low volatility across the board.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “has sold off overnight however my charts continue to suggest we pause near term – the new low has not been confirmed by the daily or weekly RSI. This continues to suggest a near term corrective phase”.
“Given the dim view of the German economy from the Ifo (which indicated that the economy may be on the brink of recession on the back of weak demand from major trading partners) and with the EUR-USD staging a sustained break below 1.2500 in the past week, the pair may make another attempt at the short-term 1.2400 support towards 1.2350”, suggested Emmanuel Ng, FX Strategist at OCBC Bank.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “has sold off overnight however my charts continue to suggest we pause near term – the new low has not been confirmed by the daily or weekly RSI. This continues to suggest a near term corrective phase”.
“Given the dim view of the German economy from the Ifo (which indicated that the economy may be on the brink of recession on the back of weak demand from major trading partners) and with the EUR-USD staging a sustained break below 1.2500 in the past week, the pair may make another attempt at the short-term 1.2400 support towards 1.2350”, suggested Emmanuel Ng, FX Strategist at OCBC Bank.