7 Jul 2014
What’s the sentiment around the EUR/USD today? - OCBC Bank and Commerzbank
FXStreet (Edinburgh) - The EUR/USD seems to have found support in sub-1.3580 levels at the beginning of the week, attempting to regain the 1.3600 handle.
“We remain suspect of the EUR’s upside potential in the near term and if the pair loses its foothold on the 1.3600 handle, a subsequent test towards 1.3550 cannot be discounted”, noted Emmanuel Ng, FX Strategist at OCBC Bank.
In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, observed the pair “finished the week under pressure - we continue to view the market as having charted an interim top at 1.3701. The 20 day ma has been eroded and the focus is on the much more important 1.3503 recent low and the 1.3496 2012 -2014 uptrend.”
“We remain suspect of the EUR’s upside potential in the near term and if the pair loses its foothold on the 1.3600 handle, a subsequent test towards 1.3550 cannot be discounted”, noted Emmanuel Ng, FX Strategist at OCBC Bank.
In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, observed the pair “finished the week under pressure - we continue to view the market as having charted an interim top at 1.3701. The 20 day ma has been eroded and the focus is on the much more important 1.3503 recent low and the 1.3496 2012 -2014 uptrend.”