6 Mar 2015
What’s in store for EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - EUR/USD remains depressed in the low-1.10s on Friday, waiting for the release of February’s Payrolls in the US economy.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair “has sold off to the 1.10 psychological support and while it is likely that we will see a small near term rebound from here, this is expected to fail ahead of the previous lows offered by the 1.1262 29th January low. While capped here the market will remain under pressure and on course for the next support/target zone offered by1.0835, the 50% retracement of the entire move up from 1985”.
“Post ECB And ahead of the US NFP, the pair may continue to toy with another breach of the 1.1000 level, especially if EZ bond yields remain soggy and rate differentials remain at the forefront for investors”, noted Emmanuel Ng, FX Strategist at OCBC Bank.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair “has sold off to the 1.10 psychological support and while it is likely that we will see a small near term rebound from here, this is expected to fail ahead of the previous lows offered by the 1.1262 29th January low. While capped here the market will remain under pressure and on course for the next support/target zone offered by1.0835, the 50% retracement of the entire move up from 1985”.
“Post ECB And ahead of the US NFP, the pair may continue to toy with another breach of the 1.1000 level, especially if EZ bond yields remain soggy and rate differentials remain at the forefront for investors”, noted Emmanuel Ng, FX Strategist at OCBC Bank.