24 Jul 2014
What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - The EUR/USD is posting 2-day highs beyond 1.3480, boosted by higher than expected manufacturing PMI prints in the euro area.
Key Quotes
“Although early indications of short term oversold conditions are beginning to manifest, risk towards 1.3400 we think may remain not insignificant”, noted Emmanuel Ng, FX Strategist at OCBC Bank.
In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “has seen a minor break into new lows for the year and more importantly closed below the 1.3476 previous low - a negative bias will remain entrenched below the 1.3580 downtrend. We target initially the 1.3426 200 week ma en route to the 1.3295 November 2013 low”.
Key Quotes
“Although early indications of short term oversold conditions are beginning to manifest, risk towards 1.3400 we think may remain not insignificant”, noted Emmanuel Ng, FX Strategist at OCBC Bank.
In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “has seen a minor break into new lows for the year and more importantly closed below the 1.3476 previous low - a negative bias will remain entrenched below the 1.3580 downtrend. We target initially the 1.3426 200 week ma en route to the 1.3295 November 2013 low”.