2 Jun 2014
What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - The EUR/USD is posting meager gains at the beginning of the week, hovering over 1.3630/35 prior to PMI releases and with the ECB meeting looming.
“Beyond a small rebound we would allow for further losses to the 1.3476 2014 low en route to the 2012-2014 uptrend at 1.3425…. While below 1.3740/45 the market is directly offered, and only above here would delay our outlook for a deeper retracement to 1.3838 but no more than 1.3907”, observed Karen Jones, Head of FICC Technical Analysis at Commerzbank.
In addition, FX Strategist Emmanuel Ng at OCBC Bank commented, “Expect the pair to remain top heavy going into Thursday’s ECB meeting with leveraged shorts on the CFTC front increasing significantly in the latest week. In the interim, the 200-day MA (1.3645) may continue to limit upside potential while 1.3585 may continue to attract pending EZ PMI releases later today”.
“Beyond a small rebound we would allow for further losses to the 1.3476 2014 low en route to the 2012-2014 uptrend at 1.3425…. While below 1.3740/45 the market is directly offered, and only above here would delay our outlook for a deeper retracement to 1.3838 but no more than 1.3907”, observed Karen Jones, Head of FICC Technical Analysis at Commerzbank.
In addition, FX Strategist Emmanuel Ng at OCBC Bank commented, “Expect the pair to remain top heavy going into Thursday’s ECB meeting with leveraged shorts on the CFTC front increasing significantly in the latest week. In the interim, the 200-day MA (1.3645) may continue to limit upside potential while 1.3585 may continue to attract pending EZ PMI releases later today”.