17 Jun 2014
What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - The EUR/USD is now attempting a consolidation pattern around the 1.3560 area ahead of the key ZEW Survey in Germany and the EMU due later.
In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “Our overall view remain bearish while we are below 1.40, the Elliott wave count on the daily chart is suggesting that rebounds should not exceed the 1.3775 zone”.
Emmanuel Ng, FX Strategist at OCBC Bank, added, “The pair may meet initial resistance at 1.3600 before 1.3635 on cited comments from unnamed ECB officials indicating that no further action would be taken in the next few months. Meanwhile, 1.3550 and 1.3500 may continue to entice if data points disappoint”.
In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “Our overall view remain bearish while we are below 1.40, the Elliott wave count on the daily chart is suggesting that rebounds should not exceed the 1.3775 zone”.
Emmanuel Ng, FX Strategist at OCBC Bank, added, “The pair may meet initial resistance at 1.3600 before 1.3635 on cited comments from unnamed ECB officials indicating that no further action would be taken in the next few months. Meanwhile, 1.3550 and 1.3500 may continue to entice if data points disappoint”.