30 Apr 2015
What’s in store for EUR/USD today? – Commerzbank and Danske Bank
FXStreet (Edinburgh) - The shared currency is shedding part of yesterday’s strong gains vs. the US dollar, with the pair returning to the 1.1070/80 region ahead of EMU CPI.
“A near-term stabilisation in EUR/USD will probably be subject to an general improvement in risk sentiment, while the next leg lower in the cross will likely depend on positive US data surprises”, noted Senior Analyst at Danske Bank Pernille Nielsen.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, added “We remain bearishly biased but we have conflicting evidence – we also have a confirmed buy signal on the DMI and we are above the 55 day ma for the first time since December. For now we are neutral . A drop below the 1.0924 55 day ma and preferably the 1.0762 support line is needed to focus attention on the downside. For now we prefer to sell the rallies”.
“A near-term stabilisation in EUR/USD will probably be subject to an general improvement in risk sentiment, while the next leg lower in the cross will likely depend on positive US data surprises”, noted Senior Analyst at Danske Bank Pernille Nielsen.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, added “We remain bearishly biased but we have conflicting evidence – we also have a confirmed buy signal on the DMI and we are above the 55 day ma for the first time since December. For now we are neutral . A drop below the 1.0924 55 day ma and preferably the 1.0762 support line is needed to focus attention on the downside. For now we prefer to sell the rallies”.