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30 May 2014
What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - The EUR/USD is confined to keep the area of 1.3600 the figure on Friday, falling for the fourth consecutive week ahead of next week’s ECB meeting.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, observed, “Having broken recently below the 200 day ma at 1.3642 any rebounds are likely to remain tepid, currently they are indicated terminate at 1.3660. The RSI is low but not oversold and beyond a small rebound we would allow for further losses to the 1.3476 2014 low en route to the 2012-2014 uptrend at 1.3410. Intraday rallies are indicated to terminate circa 1.3675”.
In addition, FX Strategist Emmanuel Ng at OCBC Bank noted “Our near term view for the pair remains intact with the 1.3600 support still looking fragile ahead of next week’s ECB meeting. With the 1.3600 floor in imminent danger of being breached on a sustained basis, look towards waypoints at 1.3560 and then 1.3500 in the near term”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, observed, “Having broken recently below the 200 day ma at 1.3642 any rebounds are likely to remain tepid, currently they are indicated terminate at 1.3660. The RSI is low but not oversold and beyond a small rebound we would allow for further losses to the 1.3476 2014 low en route to the 2012-2014 uptrend at 1.3410. Intraday rallies are indicated to terminate circa 1.3675”.
In addition, FX Strategist Emmanuel Ng at OCBC Bank noted “Our near term view for the pair remains intact with the 1.3600 support still looking fragile ahead of next week’s ECB meeting. With the 1.3600 floor in imminent danger of being breached on a sustained basis, look towards waypoints at 1.3560 and then 1.3500 in the near term”.