13 May 2014
What’s the sentiment around the EUR/USD today? Commerzbank and Scotiabank
FXStreet (Edinburgh) - The EUR/USD is attempting to break above the recent consolidation pattern in the 1.3760/50 region, as market participants keep digesting the recent dovish tone from ECB’s Draghi.
“The 1.3681/43 seven month uptrend line, April low and end of February low are thus in focus. Below here will see the 2012-2014 uptrend at 1.3372 tested. Intraday rallies are expected to find resistance along the breached support line, now resistance line, at 1.3797”, observed Axel Rudolph, Senior Technical Analyst at Commerzbank.
Camilla Sutton, Chief FX Strategist at Scotiabank, commented, “after the collapse in spot several signals have shifted to a bearish stance but others are slow to turn leaving the technical outlook as relatively mixed. Support lies at the psychological 1.3700 while resistance lies at the 50-day MA at 1.3825”.
“The 1.3681/43 seven month uptrend line, April low and end of February low are thus in focus. Below here will see the 2012-2014 uptrend at 1.3372 tested. Intraday rallies are expected to find resistance along the breached support line, now resistance line, at 1.3797”, observed Axel Rudolph, Senior Technical Analyst at Commerzbank.
Camilla Sutton, Chief FX Strategist at Scotiabank, commented, “after the collapse in spot several signals have shifted to a bearish stance but others are slow to turn leaving the technical outlook as relatively mixed. Support lies at the psychological 1.3700 while resistance lies at the 50-day MA at 1.3825”.