10 Aug 2015
EUR/USD forecast: in sub-1.10 after Payrolls – Commerzbank and BBH
FXStreet (Edinburgh) - EUR/USD is sidelining around the 1.0970 area on Monday, with investors still digesting July’s Non-farm Payrolls released last Friday (215K).
The research team at BBH suggested “The technical condition for the euro is weak, but it is not clear that the $1.08 area that provided support in May and July is about to break. There are some suspicions that a large bid near there may be from Swiss officials. Risk-reward considerations favor selling into bounces”.
In addition, Senior Technical Analyst at Commerzbank Axel Rudolph noted the pair “seems to be sidelined around the 1.1000 area but may still slip towards the May and July lows at 1.0819/08 in the course of this week. Failure there is needed to trigger losses towards 1.0524/1.0457, the base of the 30 year channel and March low”.
The research team at BBH suggested “The technical condition for the euro is weak, but it is not clear that the $1.08 area that provided support in May and July is about to break. There are some suspicions that a large bid near there may be from Swiss officials. Risk-reward considerations favor selling into bounces”.
In addition, Senior Technical Analyst at Commerzbank Axel Rudolph noted the pair “seems to be sidelined around the 1.1000 area but may still slip towards the May and July lows at 1.0819/08 in the course of this week. Failure there is needed to trigger losses towards 1.0524/1.0457, the base of the 30 year channel and March low”.