14 Apr 2014
What’s the sentiment around the EUR/USD? – Commerzbank and Westpac
FXStreet (Edinburgh) - Dovish comments from ECB’s Draghi keep weighing on the EUR/USD at the beginning of the week, with spot trading in red and hovering over the mid 1.3800s.
In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “Intraday dips lower are indicated to terminate circa 1.3800/1.3775 and beyond this we remain unable to rule out another upside stab. Currently we must allow for further strength towards 1.3967 and 1.4000, where we would again look for signs of failure”.
Analysts at Westpac Global Strategy Group signaled “The increasingly strong rhetoric from Draghi about a policy response should provide ongoing encouragement for euro bears, with the 1.39-1.40 area tempting for shorts targeting 1.36 multi-week. Wary eye on final Mar Eurozone CPI on Wed, with risks of an even lower print”.
In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “Intraday dips lower are indicated to terminate circa 1.3800/1.3775 and beyond this we remain unable to rule out another upside stab. Currently we must allow for further strength towards 1.3967 and 1.4000, where we would again look for signs of failure”.
Analysts at Westpac Global Strategy Group signaled “The increasingly strong rhetoric from Draghi about a policy response should provide ongoing encouragement for euro bears, with the 1.39-1.40 area tempting for shorts targeting 1.36 multi-week. Wary eye on final Mar Eurozone CPI on Wed, with risks of an even lower print”.