19 Aug 2014
What’s the sentiment around the EUR/USD today? – OCBC Bank and Commerzbank
FXStreet (Edinburgh) - The EUR/USD is following the prevailing risk-off trade, keeping the price action in the boundaries of 1.3350.
In the view of Emmanuel Ng, FX Strategist at OCBC Bank, “The pair may continue to fade upside probes in the coming sessions with the PMIs due on Thursday while Yellen and Draghi are due to speak on Friday. Yesterday, note also that the Bundesbank warned of the potential negative impacts from the Ukraine/Russian situation. The pair may thus continue to be heavy within 1.3300-1.3450”.
Axel Rudolph, Senior Technical Analyst at Commerzbank, added, “The near term risk is still for a corrective rebound towards the three month downtrend line at 1.3444 to unfold but only while support at 1.3336/33 holds… A daily close below 1.3333 is needed to trigger further losses to the 1.3295 November 2013 low en route to the 1.3105 September low”.
In the view of Emmanuel Ng, FX Strategist at OCBC Bank, “The pair may continue to fade upside probes in the coming sessions with the PMIs due on Thursday while Yellen and Draghi are due to speak on Friday. Yesterday, note also that the Bundesbank warned of the potential negative impacts from the Ukraine/Russian situation. The pair may thus continue to be heavy within 1.3300-1.3450”.
Axel Rudolph, Senior Technical Analyst at Commerzbank, added, “The near term risk is still for a corrective rebound towards the three month downtrend line at 1.3444 to unfold but only while support at 1.3336/33 holds… A daily close below 1.3333 is needed to trigger further losses to the 1.3295 November 2013 low en route to the 1.3105 September low”.