24 Jan 2014
Flash: What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank
FXstreet.com (Edinburgh) - The EUR/USD continues to navigate the upper band of the weekly range around 1.3670/1.3700 on Friday, amidst almost non-existent docket in the euro area and increasing risk-off trade.
In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “ we should see this run up fail just ahead of the 1.3700/01 resistance. However currently my charts are suggesting only small failure 1.3685/1.3705 for a dip down to 1.3655/25 prior to another topside attempt - currently I am unable to rule out a break of 1.3705 for a run up to 1.3745/50 and possibly 1.3810 before we fail”.
Emmanuel Ng, Strategist at OCBC Bank, noted “Following the price action yesterday, the near term outlook for the pair may be turning slightly neutral if the 1.3700 ceiling is breached. Meanwhile, downside support is expected towards the 55-day MA (1.3626) and markets may continue to fade upside moves in the EUR-USD ahead of the FOMC next week”.
In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “ we should see this run up fail just ahead of the 1.3700/01 resistance. However currently my charts are suggesting only small failure 1.3685/1.3705 for a dip down to 1.3655/25 prior to another topside attempt - currently I am unable to rule out a break of 1.3705 for a run up to 1.3745/50 and possibly 1.3810 before we fail”.
Emmanuel Ng, Strategist at OCBC Bank, noted “Following the price action yesterday, the near term outlook for the pair may be turning slightly neutral if the 1.3700 ceiling is breached. Meanwhile, downside support is expected towards the 55-day MA (1.3626) and markets may continue to fade upside moves in the EUR-USD ahead of the FOMC next week”.