19 Aug 2015
EUR/USD forecast: eyes on FOMC – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - EUR/USD is trading on the right footing vs. the greenback on Wednesday, ahead of the key FOMC minutes due in the European evening.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “has eased back to 1.1020 and looks to be attempting to stabilise here just ahead of the 20 day ma at 1.1013. The market has recently failed at the 1.1216 July high and has eased lower in its range and we are now relatively neutral - the Elliott wave count is still suggesting scope for a move towards the 1.1348 200 day ma. If seen, the 1.1348/1.1468 resistance area is expected to provoke failure and provoke resume its longer term down trend”.
“Today, the German parliament is expected to vote on a Greek bailout with a test vote on Tuesday showing less than expected opposition from within Merkel’s coalition. In the interim, the pair may have to look to the FOMC minutes for its next impetus, with the pair seen moored in within the 1.1000-101095 vicinity”, argued FX Strategist at OCBC Bank Emmanuel Ng.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “has eased back to 1.1020 and looks to be attempting to stabilise here just ahead of the 20 day ma at 1.1013. The market has recently failed at the 1.1216 July high and has eased lower in its range and we are now relatively neutral - the Elliott wave count is still suggesting scope for a move towards the 1.1348 200 day ma. If seen, the 1.1348/1.1468 resistance area is expected to provoke failure and provoke resume its longer term down trend”.
“Today, the German parliament is expected to vote on a Greek bailout with a test vote on Tuesday showing less than expected opposition from within Merkel’s coalition. In the interim, the pair may have to look to the FOMC minutes for its next impetus, with the pair seen moored in within the 1.1000-101095 vicinity”, argued FX Strategist at OCBC Bank Emmanuel Ng.