24 Mar 2014
What’s the sentiment around the EUR/USD today? – Commerzbank and Westpac
FXStreet (Edinburgh) - The EUR/USD is now floating around the 1.3800 handle at the beginning of the trading week, with euro zone PMIs being the main factors behind price action so far.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, “We consider that the market has recently topped and is likely to come under increasing downside pressure… We target initially 1.3643, the end of February low and eventually the 1.3476 2014 low and 1.3467 the 55 MONTH ma”.
“Chances are that EUR/USD has just posted a key interim high just above 1.39… Advance Eurozone PMIs today are likely add to the corrective pressure on EUR, with risks skewed to disappointment in the wake of the weaker than expected ZEW survey. There has also been a little more official rumbling over excessive euro strength and ECB reiteration that various easing options remain”, commented analysts at Westpac Global Strategy Group.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, “We consider that the market has recently topped and is likely to come under increasing downside pressure… We target initially 1.3643, the end of February low and eventually the 1.3476 2014 low and 1.3467 the 55 MONTH ma”.
“Chances are that EUR/USD has just posted a key interim high just above 1.39… Advance Eurozone PMIs today are likely add to the corrective pressure on EUR, with risks skewed to disappointment in the wake of the weaker than expected ZEW survey. There has also been a little more official rumbling over excessive euro strength and ECB reiteration that various easing options remain”, commented analysts at Westpac Global Strategy Group.