25 Jun 2014
What’s the sentiment about the EUR/USD today? – Commerzbank and Danske Bank
FXStreet (Edinburgh) - The EUR/USD is trading in a narrow range on Wednesday, now easing ground from session highs near 1.3620 ahead of key US releases.
“EUR/USD is upside corrective near term. The Elliott wave count on the daily chart is suggesting a rebound to 1.3770 prior to the next swing lower. Intraday charts however are neutral and rallies will find initial resistance at 1.3644, 1.3677/90 (early June high and Fibo). Very near term it is mostly sidelined”, observed Karen Jones, Head of FICC Technical Analysis at Commerzbank.
In addition, Emmanuel Ng, FX Strategist at OCBC Bank, commented, “EUR-US may continue to anchor itself around the 1.3600 neighborhood as we continue to pencil in a more supported profile in the very short term. Recent ranges may continue to prevail pending further shocks, with the 55-day MA (1.3672) capping while support is expected to emerge on dips towards 1.3500”.
“EUR/USD is upside corrective near term. The Elliott wave count on the daily chart is suggesting a rebound to 1.3770 prior to the next swing lower. Intraday charts however are neutral and rallies will find initial resistance at 1.3644, 1.3677/90 (early June high and Fibo). Very near term it is mostly sidelined”, observed Karen Jones, Head of FICC Technical Analysis at Commerzbank.
In addition, Emmanuel Ng, FX Strategist at OCBC Bank, commented, “EUR-US may continue to anchor itself around the 1.3600 neighborhood as we continue to pencil in a more supported profile in the very short term. Recent ranges may continue to prevail pending further shocks, with the 55-day MA (1.3672) capping while support is expected to emerge on dips towards 1.3500”.