4 Apr 2014
What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - The EUR/USD is still suffering the dovish tone from Draghi’s comments in yesterday’s meeting, hovering over 5-week lows around 1.3700 the figure ahead of US Payrolls.
In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “The 55 day ma at 1.3724 and the 1.3705 low from the end of March have been eroded to leave the 9 month support line at 1.3679 in the firing line. We now look for losses to 1.3643, the end of February low and eventually the 1.3476 2014 low and 1.3467 the 55 MONTH ma”.
According to Emmanuel Ng, Strategist at OCBC Bank, “Our previous view to remain wary towards the downside for the EUR-USD kept us sheltered and we note that the pair may be contemplating a clean break below its 55-day MA (1.3724). In the near term, the risk-reward profile for the pair may be tilting south, especially if 1.3685 is breached”.
In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “The 55 day ma at 1.3724 and the 1.3705 low from the end of March have been eroded to leave the 9 month support line at 1.3679 in the firing line. We now look for losses to 1.3643, the end of February low and eventually the 1.3476 2014 low and 1.3467 the 55 MONTH ma”.
According to Emmanuel Ng, Strategist at OCBC Bank, “Our previous view to remain wary towards the downside for the EUR-USD kept us sheltered and we note that the pair may be contemplating a clean break below its 55-day MA (1.3724). In the near term, the risk-reward profile for the pair may be tilting south, especially if 1.3685 is breached”.