17 Jul 2014
What’s the sentiment around the EUR/USD today? – OCBC Bank and Commerzbank
FXStreet (Edinburgh) - The EUR/USD keeps the softer tone on Thursday, looking to leave session lows in the area of 1.3520 ahead of the final CPI figures for the month of June in the euro area.
“EZ June inflation numbers are on tap today while the EUR may remain slightly soggy in the current dollar environment despite the ECB’s Nowotny doubting whether any plans to purchase asset-backed securities “would fly”. At this juncture, a test of the 1.3500 support may remain on the cards while 1.3600/50 should cap”, noted Emmanuel Ng, FX Strategist at OCBC Bank.
Furthermore, Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented, “EUR/USD is pretty close to its 2012-2014 uptrend at 1.3511. This together with the 1.3503 recent low represents the key break down point to the 200 week ma at 1.3427 and beyond to 1.3295 the November 2013 low. Of more interest however are the intraday Elliott wave counts, which are suggesting any rebounds are likely to terminate circa 1.3565 prior to the next leg lower taking hold”.
“EZ June inflation numbers are on tap today while the EUR may remain slightly soggy in the current dollar environment despite the ECB’s Nowotny doubting whether any plans to purchase asset-backed securities “would fly”. At this juncture, a test of the 1.3500 support may remain on the cards while 1.3600/50 should cap”, noted Emmanuel Ng, FX Strategist at OCBC Bank.
Furthermore, Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented, “EUR/USD is pretty close to its 2012-2014 uptrend at 1.3511. This together with the 1.3503 recent low represents the key break down point to the 200 week ma at 1.3427 and beyond to 1.3295 the November 2013 low. Of more interest however are the intraday Elliott wave counts, which are suggesting any rebounds are likely to terminate circa 1.3565 prior to the next leg lower taking hold”.