1 Jul 2015
EUR/USD forecast: life post-Greek default – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - EUR/USD is looking to extend its consolidative pattern into the European session today, currently hovering over the 1.1130 area.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued the pair “continues to remain underpinned by the cloud, the top of which lies at 1.1115 and the base at 1.0962. It has charted a fairly monster key day reversal to the upside. We have initial resistance at 1.1280/1.1325 and above here lies dense resistance at 1.1440/1.1534, the recent highs”.
Furthermore, FX Strategist Emmanuel Ng at OCBC Bank added “While Greek-related headlines may continue to hold the market’s attention, note that June EZ inflation numbers released on Tuesday softened slightly as widely expected (core +0.2% yoy, prev 0.9%) while the slew of EZ PMIs are also scheduled to be released today. In the interim, expect the pair to remain inherently heavy and a break below the 55-day MA (1.1133) may threaten 1.1100 and the 100-day MA (1.1050)”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued the pair “continues to remain underpinned by the cloud, the top of which lies at 1.1115 and the base at 1.0962. It has charted a fairly monster key day reversal to the upside. We have initial resistance at 1.1280/1.1325 and above here lies dense resistance at 1.1440/1.1534, the recent highs”.
Furthermore, FX Strategist Emmanuel Ng at OCBC Bank added “While Greek-related headlines may continue to hold the market’s attention, note that June EZ inflation numbers released on Tuesday softened slightly as widely expected (core +0.2% yoy, prev 0.9%) while the slew of EZ PMIs are also scheduled to be released today. In the interim, expect the pair to remain inherently heavy and a break below the 55-day MA (1.1133) may threaten 1.1100 and the 100-day MA (1.1050)”.