23 Jul 2014
What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - Against a backdrop of increasing selling sentiment, the EUR/USD continues to navigate the area of multi-month lows around 1.3460/50.
“While no clear catalyst was attributed to the EUR’s overnight fall, reports indicate market participants growing increasingly less enamoured with the common currency’s prospects. If the breach below 1.3475-1.3500 is sustained, expect gravity to kick in and pull the pair towards 1.3400”, suggested Emmanuel Ng, FX Strategist at OCBC Bank.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented the pair “has seen a minor break into new lows for the year. 2014 low and more importantly closed below the 1.3476 previous low - a negative bias will remain entrenched below the 1.3587downtrend. Failure here suggests ongoing losses to the 1.3426 200 week ma en route to the 1.3295 November 2013 low”.
“While no clear catalyst was attributed to the EUR’s overnight fall, reports indicate market participants growing increasingly less enamoured with the common currency’s prospects. If the breach below 1.3475-1.3500 is sustained, expect gravity to kick in and pull the pair towards 1.3400”, suggested Emmanuel Ng, FX Strategist at OCBC Bank.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented the pair “has seen a minor break into new lows for the year. 2014 low and more importantly closed below the 1.3476 previous low - a negative bias will remain entrenched below the 1.3587downtrend. Failure here suggests ongoing losses to the 1.3426 200 week ma en route to the 1.3295 November 2013 low”.