4 Nov 2015
EUR/USD forecast: eyes on PMI, Draghi – Commerzbank and Rabobank
FXStreet (Edinburgh) - The shared currency keeps depreciating vs. the dollar today, dragging EUR/USD to the 1.0930 area ahead of Services PMIs and Draghi’s speech.
Key Quotes
“The market will remain immediately offered while the 1.1087/1.1107 resistance area caps. It consists of the September low and the 200 day moving average. Key resistance remains the 55 week ma and 2014-2015 downtrend at 1.1373/83 and while capped here we will remain bearish”, suggested Axel Rudolph, Senior Technical Analyst at Commerzbank.
In addition, Senior Currency Strategist at Rabobank Jane Foley noted “Looking forward we maintain the view that EUR/USD is likely to trend moderately lower in the medium-term. The dovish tone of ECB President Draghi at the October Council meeting dealt a swift blow to the EUR… We see little reason to alter our long held forecast that EUR/USD will edge to 1.08 on a 6 month view and then towards 1.05 in 12 months”.
Key Quotes
“The market will remain immediately offered while the 1.1087/1.1107 resistance area caps. It consists of the September low and the 200 day moving average. Key resistance remains the 55 week ma and 2014-2015 downtrend at 1.1373/83 and while capped here we will remain bearish”, suggested Axel Rudolph, Senior Technical Analyst at Commerzbank.
In addition, Senior Currency Strategist at Rabobank Jane Foley noted “Looking forward we maintain the view that EUR/USD is likely to trend moderately lower in the medium-term. The dovish tone of ECB President Draghi at the October Council meeting dealt a swift blow to the EUR… We see little reason to alter our long held forecast that EUR/USD will edge to 1.08 on a 6 month view and then towards 1.05 in 12 months”.