19 Jan 2015
What’s the sentiment around EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - The single currency is trading on the back foot on Monday, taking EUR/USD back to the mid-1.1500s.
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “remains under pressure, we have seen a weekly close below the 1.1640 2005 low on a weekly closing basis and this introduces scope to 1.1210 then 1.0835, both are long term Fibos”.
In addition, FX Strategist Emmanuel Ng at OCBC Bank argued “Ahead of the ECB this week, we stay bearish on the pair, especially with the pair now increasing comfortable under 1.1600. On the CFTC front, note that net leveraged EUR shorts also increased for the 5th consecutive week”.
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “remains under pressure, we have seen a weekly close below the 1.1640 2005 low on a weekly closing basis and this introduces scope to 1.1210 then 1.0835, both are long term Fibos”.
In addition, FX Strategist Emmanuel Ng at OCBC Bank argued “Ahead of the ECB this week, we stay bearish on the pair, especially with the pair now increasing comfortable under 1.1600. On the CFTC front, note that net leveraged EUR shorts also increased for the 5th consecutive week”.