13 Feb 2015
What’s the sentient around EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - EUR/USD is extending its correction higher at the end of the week, looking to consolidate above the 1.1400 handle.
“The EUR-USD may remain in stasis pending further Greek headlines early next week with 1.1400 now likely to serve as base camp in the interim with the greenback also unnerved somewhat by the disappointing US retail sales numbers. Investors may be expected to collect on dips towards 1.1250 while 1.1485 may cap”, suggested Emmanuel Ng, FX Strategist at OCBC Bank.
In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented the pair “has eroded the 20 day ma at 1.1385, which had capped the market since mid December and this suggests another run up to 1.1520/34 (23.6% retracement of the move down from October 2014). While above minor support at 1.1262 we remain unable to rule out upside probes”.
“The EUR-USD may remain in stasis pending further Greek headlines early next week with 1.1400 now likely to serve as base camp in the interim with the greenback also unnerved somewhat by the disappointing US retail sales numbers. Investors may be expected to collect on dips towards 1.1250 while 1.1485 may cap”, suggested Emmanuel Ng, FX Strategist at OCBC Bank.
In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented the pair “has eroded the 20 day ma at 1.1385, which had capped the market since mid December and this suggests another run up to 1.1520/34 (23.6% retracement of the move down from October 2014). While above minor support at 1.1262 we remain unable to rule out upside probes”.