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9 Jun 2014
What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - After hitting fresh intraday highs near 1.3670, the EUR/USD is now back to the area of 1.3640/35 amidst thin trade and scarce data releases.
In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “The likelihood is that near term strength is nothing more than a short squeeze, however it is indicated to terminate circa 1.3775 and should struggle to regain the 55 day ma at 1.3756”.
Emmanuel Ng, FX Strategist at OCBC Bank, added “Markets may look to EZ CPI prints later this week for further cues and the EUR-USD may in the interim continue to remain responsive to risk-appetite developments. The 200-day MA (1.3654) may prove to be a cross roads for the pair in the coming sessions while the discordant posture between the ECB and the Fed may limit undue upside for the pair on a structural basis”.
In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “The likelihood is that near term strength is nothing more than a short squeeze, however it is indicated to terminate circa 1.3775 and should struggle to regain the 55 day ma at 1.3756”.
Emmanuel Ng, FX Strategist at OCBC Bank, added “Markets may look to EZ CPI prints later this week for further cues and the EUR-USD may in the interim continue to remain responsive to risk-appetite developments. The 200-day MA (1.3654) may prove to be a cross roads for the pair in the coming sessions while the discordant posture between the ECB and the Fed may limit undue upside for the pair on a structural basis”.