25 Oct 2013
Flash: What’s the sentiment around the EUR/USD today? – Commerzbank and Danske Bank
FXstreet.com (Edinburgh) -The bullish sentiment remains intact around the shared currency at the end of the trading week, with the EUR/USD finding good support around 1.3800 the figure despite the disappointing results from the German IFO.
Karen Jones, Head of FICC Technical Analysis, commented, “EUR/USD continues to grind higher and remains in new 23 month highs. The next resistance is the top of the 3 month channel at 1.3833/50, this is also the location of the 61.8% retracement of the move down from 2011 and represents the last defence for the major resistance at 1.3958/1.4002 band…”.
In addition, Analyst Pernille Nielsen at Danske Bank, suggested “The cross is pushed higher as markets adjust to the view that Fed tapering will not take place before March next year and as markets prepare themselves for weaker US numbers in the wake of the government shutdown”.
Karen Jones, Head of FICC Technical Analysis, commented, “EUR/USD continues to grind higher and remains in new 23 month highs. The next resistance is the top of the 3 month channel at 1.3833/50, this is also the location of the 61.8% retracement of the move down from 2011 and represents the last defence for the major resistance at 1.3958/1.4002 band…”.
In addition, Analyst Pernille Nielsen at Danske Bank, suggested “The cross is pushed higher as markets adjust to the view that Fed tapering will not take place before March next year and as markets prepare themselves for weaker US numbers in the wake of the government shutdown”.