24 Apr 2014
What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - The EUR/USD remains locked within a narrow range on Thursday, trading almost unchanged from yesterday’s close ahead of the key German IFO release due later.
In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “EUR/USD while above 1.3785, the 50% retracement of the most recent leg up, we will assume a near term upside bias… Intraday dips should remain well supported circa 1.3785. Key support is the 9 month support line at 1.3738 and the end of February low at 1.3643”.
“Apart from the German Ifo later today, the ECB’s Draghi is due to make an appearance with markets expected to be on the lookout for any further mention of the EUR. In the interim, we remain uncommitted to the EUR-USD and support for the pair is expected on dips towards the 55-day MA (1.3782) while 1.3850 may continue to cap”, observed Emmanuel Ng, FX Strategist at OCBC Bank.
In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “EUR/USD while above 1.3785, the 50% retracement of the most recent leg up, we will assume a near term upside bias… Intraday dips should remain well supported circa 1.3785. Key support is the 9 month support line at 1.3738 and the end of February low at 1.3643”.
“Apart from the German Ifo later today, the ECB’s Draghi is due to make an appearance with markets expected to be on the lookout for any further mention of the EUR. In the interim, we remain uncommitted to the EUR-USD and support for the pair is expected on dips towards the 55-day MA (1.3782) while 1.3850 may continue to cap”, observed Emmanuel Ng, FX Strategist at OCBC Bank.