19 Feb 2015
What’s the sentiment around EUR/USD today? – Commerzbank and Westpac
FXStreet (Edinburgh) - The single currency has retaken the 1.1400 handle vs. the dollar following yesterday’s FOMC minutes, although headlines from Greece and the ECB will keep the pair under pressure.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair “is sidelined but remains bid in its range. Currently while above 1.1262 the market remains capable of another run up to 1.1520/34 (23.6% retracement of the move down from October 2014)”.
In addition, Strategist Richard Franulovich at Westpac argued “EUR/USD trading ranges continue to compress amid weak multi day momentum in either direction… EUR/USD unlikely to trade much above 1.15 if at all and would prefer to build medium shorts into this level”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair “is sidelined but remains bid in its range. Currently while above 1.1262 the market remains capable of another run up to 1.1520/34 (23.6% retracement of the move down from October 2014)”.
In addition, Strategist Richard Franulovich at Westpac argued “EUR/USD trading ranges continue to compress amid weak multi day momentum in either direction… EUR/USD unlikely to trade much above 1.15 if at all and would prefer to build medium shorts into this level”.