23 Jul 2015
EUR/USD forecast: bid on Greek vote – Commerzbank and Scotiabank
FXStreet (Edinburgh) - EUR/USD is extending its positive mood following the Greek vote overnight, testing the upper band of the range around 1.0960.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested “We would allow for a rally towards the 1.0994 cloud and the rallies are likely to remain contained by the 1.1052 pivot (26th March high) and 1.1090 the near term resistance line”.
In addition, Currency Strategist at Scotiabank Eric Theoret remains bearish in the near term, arguing “near term support has been observed above 1.0800, however we remain biased to further decline. EUR gains have been limited above the 9 day MA at 1.0946 and we expect resistance at the 100 day MA (1.1002)”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested “We would allow for a rally towards the 1.0994 cloud and the rallies are likely to remain contained by the 1.1052 pivot (26th March high) and 1.1090 the near term resistance line”.
In addition, Currency Strategist at Scotiabank Eric Theoret remains bearish in the near term, arguing “near term support has been observed above 1.0800, however we remain biased to further decline. EUR gains have been limited above the 9 day MA at 1.0946 and we expect resistance at the 100 day MA (1.1002)”.