21 Jan 2015
What’s the sentiment around EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - EUR/USD is testing the upper end of the range today, hovering over the 1.1580 area while markets remain focused on the ECB tomorrow.
Emmanuel Ng, FX Strategist at OCBC Bank, suggested, “Despite some background murmurings of potential disappointment, our tactical and structural views towards the common unit remain heavy with the pair still threatening to violate the 1.1500 floor in the run up to the ECB tomorrow”.
In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued, “Initial resistance is the 1.1674 accelerated downtrend and we would allow for this to be challenged. Last week the market registered a weekly close below the 1.1640 2005 low and this introduces scope to 1.1210 then 1.0835 longer term, both are long term Fibos”.
Emmanuel Ng, FX Strategist at OCBC Bank, suggested, “Despite some background murmurings of potential disappointment, our tactical and structural views towards the common unit remain heavy with the pair still threatening to violate the 1.1500 floor in the run up to the ECB tomorrow”.
In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued, “Initial resistance is the 1.1674 accelerated downtrend and we would allow for this to be challenged. Last week the market registered a weekly close below the 1.1640 2005 low and this introduces scope to 1.1210 then 1.0835 longer term, both are long term Fibos”.