5 Dec 2014
What’s the sentiment around EUR/USD today? – Commerzbank and Danske Bank
FXStreet (Edinburgh) - The demand for the single currency remains subdued at the end of the week, with the pair developing its usual pre-NFP sideline pattern, around 1.2370/65.
Pernille Nielsen, Senior Analyst at Danske Bank, argued, “We forecast non-farm payrolls to increase 240K, which should further weigh on EUR/USD. We forecast EUR/USD at 1.22 in 3M and to bottom at 1.20 in 6M”.
In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, observed, “Key short term resistance is the 1.2458 3 month downtrend. Above here would allow recovery to 1.2600/14 zone – recent high and October 10 and 23 lows”.
Pernille Nielsen, Senior Analyst at Danske Bank, argued, “We forecast non-farm payrolls to increase 240K, which should further weigh on EUR/USD. We forecast EUR/USD at 1.22 in 3M and to bottom at 1.20 in 6M”.
In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, observed, “Key short term resistance is the 1.2458 3 month downtrend. Above here would allow recovery to 1.2600/14 zone – recent high and October 10 and 23 lows”.