13 Jan 2015
What’s the sentiment around EUR/USD today? – OCBC Bank and Commerzbank
FXStreet (Edinburgh) - The common currency is posting marginal losses vs. the greenback so far, relegating EUR/USD to a narrow range around the 1.1820/30 band.
“The pair may continue to orbit the 1.1800 neighborhood with EZ-related news flow still palpably negative with respect to potential QE from the ECB. At this juncture, risk-reward may continue to favor the lower reaches of a 1.1750-1.1900 zone”, commented Emmanuel Ng, FX Strategist at OCBC Bank.
On the other side, Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued the pair “is capped very near term by the short term down trend at 1.1861- and while capped here risks remain on the downside. The Elliott wave count on the daily and the 2005 low come in at 1.1640/70 ish. This is the key level of support and we look for it to hold the downside”.
“The pair may continue to orbit the 1.1800 neighborhood with EZ-related news flow still palpably negative with respect to potential QE from the ECB. At this juncture, risk-reward may continue to favor the lower reaches of a 1.1750-1.1900 zone”, commented Emmanuel Ng, FX Strategist at OCBC Bank.
On the other side, Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued the pair “is capped very near term by the short term down trend at 1.1861- and while capped here risks remain on the downside. The Elliott wave count on the daily and the 2005 low come in at 1.1640/70 ish. This is the key level of support and we look for it to hold the downside”.