16 Jun 2015
EUR/USD forecast: what’s the sentiment today? – Commerzbank and UOB Group
FXStreet (Edinburgh) - EUR/USD is consolidating around the 1.1280 area on Tuesday, ahead of the German/EMU ZEW Survey due later.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “has faltered at the 1.1380/87 resistance (4th June high) – and our outlook remains neutral to negative. The near term risk still remains for failure and a slide to the 1.1052 pivot then the 1.0845/19”.
Furthermore, analysts at UOB Group noted “While EUR rebounded as expected, the initial dip was shallower than anticipated. The up-move from the low is viewed as part of a broad sideway trading range and not the start of a sustained up-move. From here, allow for a move to 1.1315/20 but 1.1360 is expected to cap for a pull-back to 1.1235/40”.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “has faltered at the 1.1380/87 resistance (4th June high) – and our outlook remains neutral to negative. The near term risk still remains for failure and a slide to the 1.1052 pivot then the 1.0845/19”.
Furthermore, analysts at UOB Group noted “While EUR rebounded as expected, the initial dip was shallower than anticipated. The up-move from the low is viewed as part of a broad sideway trading range and not the start of a sustained up-move. From here, allow for a move to 1.1315/20 but 1.1360 is expected to cap for a pull-back to 1.1235/40”.