7 Apr 2014
What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - The EUR/USD is slowly edging higher on Monday, with markets still digesting Friday’s Payrolls and ahead of today’s Sentix index.
Karen Jones. Head of FICC Technical Analysis at Commerzbank, noted the pair “sold off last week to its 9 month support line at 1.3684 and we start this week with attention firmly fixed here – this has held on a losing basis but is set to break - it is not a case of if - it is a matter of when”.
Furthermore, Strategist Emmanuel Ng at OCBC Bank, commented “The combination of the ECB meeting and the US NFP last week has left the EUR-USD materially lower and the pair may remain subdued going ahead with markets still fretting over the potential of further monetary accommodation from the ECB. On the CFTC front, note that net leveraged EUR longs were pared in the latest week pre-ECB and if 1.3685 is successfully punctured, expect a drift towards 1.3650”.
Karen Jones. Head of FICC Technical Analysis at Commerzbank, noted the pair “sold off last week to its 9 month support line at 1.3684 and we start this week with attention firmly fixed here – this has held on a losing basis but is set to break - it is not a case of if - it is a matter of when”.
Furthermore, Strategist Emmanuel Ng at OCBC Bank, commented “The combination of the ECB meeting and the US NFP last week has left the EUR-USD materially lower and the pair may remain subdued going ahead with markets still fretting over the potential of further monetary accommodation from the ECB. On the CFTC front, note that net leveraged EUR longs were pared in the latest week pre-ECB and if 1.3685 is successfully punctured, expect a drift towards 1.3650”.