4 Mar 2014
Flash: What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - The single currency is extending its bounce off 1.3720 on Tuesday amidst easing tensions around the Crimean peninsula, pushing the EUR/USD to another test of levels beyond 1.3770.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “eased back from the 2008-2014 downtrend at 1.3826 and while capped here the risk is we will see failure and a slide back to the 1.3675 6 week up channel. A break below here is required to alleviate immediate upside pressure”.
Strategist Emmanuel Ng at OCBC Bank added, “Barring a further degeneration of risk appetite levels stemming from the Ukrainian tensions, slightly subsiding ECB rate cut expectations may lend the pair background support ahead of the ECB meeting later this week. Expect a 1.3650-1.3800 range to prevail in the interim”.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “eased back from the 2008-2014 downtrend at 1.3826 and while capped here the risk is we will see failure and a slide back to the 1.3675 6 week up channel. A break below here is required to alleviate immediate upside pressure”.
Strategist Emmanuel Ng at OCBC Bank added, “Barring a further degeneration of risk appetite levels stemming from the Ukrainian tensions, slightly subsiding ECB rate cut expectations may lend the pair background support ahead of the ECB meeting later this week. Expect a 1.3650-1.3800 range to prevail in the interim”.