Back
5 Jun 2014
What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - The EUR/USD keeps the 1.3600 handle and beyond while markets get ready for the ECB meeting due later.
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “EUR/USD’s tight ranging below its 200 day ma at 1.3647 keeps the outlook directly offered… We believe a break below 1.3580 will be enough to trigger the next sell off. Beyond a small rebound we would allow for further losses to the 1.3476 2014 low en route to the 2012-2014 uptrend at 1.3425. Please note that the market has recently charted a key month reversal”.
In addition, FX Strategist Emmanuel Ng at OCBC Bank argued, “Expect the focus today to be squarely on the ECB outcome, especially the central bank’s intentions after the heavily expected monetary easing today. We also remain conscious of any kneejerk reaction in the pair if the ECB ‘disappoints’ but in the interim, remain top heavy on the pair within a 1.3550-1.3650 range”.
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “EUR/USD’s tight ranging below its 200 day ma at 1.3647 keeps the outlook directly offered… We believe a break below 1.3580 will be enough to trigger the next sell off. Beyond a small rebound we would allow for further losses to the 1.3476 2014 low en route to the 2012-2014 uptrend at 1.3425. Please note that the market has recently charted a key month reversal”.
In addition, FX Strategist Emmanuel Ng at OCBC Bank argued, “Expect the focus today to be squarely on the ECB outcome, especially the central bank’s intentions after the heavily expected monetary easing today. We also remain conscious of any kneejerk reaction in the pair if the ECB ‘disappoints’ but in the interim, remain top heavy on the pair within a 1.3550-1.3650 range”.