5 Jun 2015
What’s in store for EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - EUR/USD has faded yesterday’s spike near 1.1380, returning to the low-1.1200s ahead of US Non farm Payrolls (225K exp.).
In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “has rallied towards and halted just ahead of the 2014-2015 downtrend on the weekly chart at 1.1402. The risk/reward here is to go short, looking for a slide back to the 1.0875/19 region. However recent moves have felt directional and should 1.1402 be breached we will allow for a further attempt on the topside towards the 1.1468 recent high and 1.1534, the February high”.
FX Strategist Emmanuel Ng at OCBC Bank added “With German Chancellor Merkel describing the Greek situation as “far from reaching a conclusion”, expect the pair to continue to bounce off the confines of recent ranges although short-end risks continue to angle for a move higher in spot. Ahead of the US NFP, a psychological key resistance remains at 1.1400 while the 100-day MA (1.1072) may cushion on initial dips”.
In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “has rallied towards and halted just ahead of the 2014-2015 downtrend on the weekly chart at 1.1402. The risk/reward here is to go short, looking for a slide back to the 1.0875/19 region. However recent moves have felt directional and should 1.1402 be breached we will allow for a further attempt on the topside towards the 1.1468 recent high and 1.1534, the February high”.
FX Strategist Emmanuel Ng at OCBC Bank added “With German Chancellor Merkel describing the Greek situation as “far from reaching a conclusion”, expect the pair to continue to bounce off the confines of recent ranges although short-end risks continue to angle for a move higher in spot. Ahead of the US NFP, a psychological key resistance remains at 1.1400 while the 100-day MA (1.1072) may cushion on initial dips”.