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19 May 2015
What’s the sentiment around EUR/USD today? – UOB and OCBC Bank
FXStreet (Edinburgh) - EUR/USD is extending its decline below the 1.1300 handle on Tuesday, ahead of ZEW Survey and EMU’s CPI.
“The sharp drop from the high of 1.1445/50 clearly indicates that a top is in place. The current down-move appears incomplete and further losses towards 1.1270/75 can be expected. Strong resistance is at 1.1375”, suggested analysts at UOB Group.
In addition, Emmanuel Ng, FX Strategist at OCBC Bank, noted “With little else to distract in the near term, Greek concerns may continue to be a negative overhang for the EUR-USD and a further retracement towards the 1.1200 neighborhood cannot be discounted, with the 100-day MA residing at 1.1178. On the upside, the resistance at 1.1500 remains the one to beat”.
“The sharp drop from the high of 1.1445/50 clearly indicates that a top is in place. The current down-move appears incomplete and further losses towards 1.1270/75 can be expected. Strong resistance is at 1.1375”, suggested analysts at UOB Group.
In addition, Emmanuel Ng, FX Strategist at OCBC Bank, noted “With little else to distract in the near term, Greek concerns may continue to be a negative overhang for the EUR-USD and a further retracement towards the 1.1200 neighborhood cannot be discounted, with the 100-day MA residing at 1.1178. On the upside, the resistance at 1.1500 remains the one to beat”.