20 Mar 2015
What’s the sentiment around EUR/USD today? – Commerzbank and UOB Group
FXStreet (Edinburgh) - EUR/USD is advancing marginally on Friday, although a break above the 1.0700 handle still remains elusive.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted “The daily Elliott wave count is indicating that the move to 1.1062 seen on Wednesday was the end of the correction higher – our bias is negative. We look for a retest of the base of the 30 year channel located at 1.0573 and the 1.0457 recent low”.
“The range of 1.0629/1.0914 exceeded our expected ‘broad’ range of 1.0720/1.0920 by a wide margin. While the market still appears to be unsettled, it is unlikely that wild swings over the last two days will be repeated. That said, trading is expected to remain choppy with an expected range of 1.0600/1.0750”, suggested analysts at UOB Group.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted “The daily Elliott wave count is indicating that the move to 1.1062 seen on Wednesday was the end of the correction higher – our bias is negative. We look for a retest of the base of the 30 year channel located at 1.0573 and the 1.0457 recent low”.
“The range of 1.0629/1.0914 exceeded our expected ‘broad’ range of 1.0720/1.0920 by a wide margin. While the market still appears to be unsettled, it is unlikely that wild swings over the last two days will be repeated. That said, trading is expected to remain choppy with an expected range of 1.0600/1.0750”, suggested analysts at UOB Group.