4 Aug 2015
EUR/USD forecast: stuck in range – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - EUR/USD remains entrenched in the mid-1.0900s so far, amidst a vacuum of data releases in Europe.
“With bund yields softening despite EZ manufacturing PMIs coming in generally supportive, the EUR-USD remained weighed on Monday and expect a heavy tone to persist intra-day. With the pair threatening to leave 1.1000 behind, look 1.0900 before 1.0840”, suggested Emmanuel Ng, FX Strategist at OCBC Bank.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted spot “last week saw the market move towards and fail at the 1.1124/29 Fibo resistance, and while capped here we maintain a negative bias. Targets remain the 1.0819/15 May low and uptrend. Failure here is needed to trigger losses towards 1.0560/1.0447, the base of the 30 year channel and recent low”.
“With bund yields softening despite EZ manufacturing PMIs coming in generally supportive, the EUR-USD remained weighed on Monday and expect a heavy tone to persist intra-day. With the pair threatening to leave 1.1000 behind, look 1.0900 before 1.0840”, suggested Emmanuel Ng, FX Strategist at OCBC Bank.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted spot “last week saw the market move towards and fail at the 1.1124/29 Fibo resistance, and while capped here we maintain a negative bias. Targets remain the 1.0819/15 May low and uptrend. Failure here is needed to trigger losses towards 1.0560/1.0447, the base of the 30 year channel and recent low”.