12 Feb 2015
What’s in store for EUR/USD today? – OCBC Bank and Commerzbank
FXStreet (Edinburgh) - EUR/USD remains in the lower bound of the 1.1300-1.1400 range today, waiting for catalysts from the Greek debt renegotiation.
According to Emmanuel Ng, FX Strategist at OCBC Bank, “Expect price action to remain headline driven into the end of the week and early next week with the pair seen within 1.1200-1.1400 in the interim. Expect the USD to also maintain a measure of resilience if US January retail sales numbers due tonight do not disappoint substantially”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair “remains completely sidelined near term but still capped by the 20 day ma at 1.1388 and the initial retracement level at 1.1520 (23.6% retracement of the move down from October 2014). While above minor support at 1.1262 we remain unable to rule out another run up towards the 20 day ma – however we look for it to remain capped there and our bias is negative”.
According to Emmanuel Ng, FX Strategist at OCBC Bank, “Expect price action to remain headline driven into the end of the week and early next week with the pair seen within 1.1200-1.1400 in the interim. Expect the USD to also maintain a measure of resilience if US January retail sales numbers due tonight do not disappoint substantially”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair “remains completely sidelined near term but still capped by the 20 day ma at 1.1388 and the initial retracement level at 1.1520 (23.6% retracement of the move down from October 2014). While above minor support at 1.1262 we remain unable to rule out another run up towards the 20 day ma – however we look for it to remain capped there and our bias is negative”.