6 Jun 2014
What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - The EUR/USD managed to leave multi-month lows post-ECB meeting on Thursday, advancing to the current mid-1.3600s ahead of the key US Payrolls due later (218K exp.).
“EUR/USD sold off sharply after the ECB only to see a short squeeze and the result was a key day reversal. From a technical point of view we assume that the down move (which came within 3 ticks of my target) may be done for now and we would allow for some consolidation. The Elliott wave count is suggesting this rebound will terminate circa 1.3700”, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Emmanuel Ng, FX Strategist at OCBC Bank, commented, “With the ECB’s package not surprising excessively on the dovish front and with no hint of actual QE, the pair may be given to further position adjustments in the near term. Expect a 1.3600-1.3700 range to prevail ahead of the US NFP tonight and any upside surprises on this front may once again guide the pair lower”.
“EUR/USD sold off sharply after the ECB only to see a short squeeze and the result was a key day reversal. From a technical point of view we assume that the down move (which came within 3 ticks of my target) may be done for now and we would allow for some consolidation. The Elliott wave count is suggesting this rebound will terminate circa 1.3700”, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Emmanuel Ng, FX Strategist at OCBC Bank, commented, “With the ECB’s package not surprising excessively on the dovish front and with no hint of actual QE, the pair may be given to further position adjustments in the near term. Expect a 1.3600-1.3700 range to prevail ahead of the US NFP tonight and any upside surprises on this front may once again guide the pair lower”.