8 May 2014
What’s the sentiment around the EUR/USD today? – OCBC Bank and Commerzbank
FXStreet (Edinburgh) - The single currency is pushing higher on Thursday pre-ECB meeting, lifting the EUR/USD to the 1.3940/45 area, or session highs.
In the opinion of Emmanuel Ng, FX Strategist at OCBC Bank, “The smattering of EZ data releases (including German March factor orders) did no favors for the EUR on Wednesday. As noted above, any potential EUR rhetoric from the ECB may prove eventful later today. Expect a 1.3870-1.3970 range to prevail in the interim”.
In addition, Karen Jones, Head of FICC Technical Analyst at Commerzbank, commented, “EUR/USD’s set back has been tepid and it is poised to challenge the 1.3967 March high. Currently we remain unable to rule out an extension to the two resistance lines at 1.4012 and 1.4023 (on weekly chart – these connect the highs from 2012), and, if seen, we look for these latter levels to hold the topside and provoke failure”.
In the opinion of Emmanuel Ng, FX Strategist at OCBC Bank, “The smattering of EZ data releases (including German March factor orders) did no favors for the EUR on Wednesday. As noted above, any potential EUR rhetoric from the ECB may prove eventful later today. Expect a 1.3870-1.3970 range to prevail in the interim”.
In addition, Karen Jones, Head of FICC Technical Analyst at Commerzbank, commented, “EUR/USD’s set back has been tepid and it is poised to challenge the 1.3967 March high. Currently we remain unable to rule out an extension to the two resistance lines at 1.4012 and 1.4023 (on weekly chart – these connect the highs from 2012), and, if seen, we look for these latter levels to hold the topside and provoke failure”.