9 Jun 2015
What’s in store for EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - EUR/USD continues its march north during the first half of the week, advancing beyond the 1.1300 handle so far.
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “has again held the 1.1052 26th March high and nearby pivot. This allowed for a retest of the 2014-2015 downtrend at 1.1353/61 currently. The risk/reward here remains to go short, looking for a slide back to the 1.0875/19 region. Loss of 1.1052 should trigger a slide lower”.
Emmanuel Ng, FX Strategist at OCBC Bank, added “With headlines surrounding Greek debt negotiation still yielding no concrete resolution, expect markets to continue to remain range bound ahead of a Tsipras-Merkel-Hollande meeting on Wednesday. With the reflation theme still in the background however, the EUR-USD may find support towards the 100-day MA (1.1066) with 1.1400 expected to cap on the back of Athenian uncertainty”.
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “has again held the 1.1052 26th March high and nearby pivot. This allowed for a retest of the 2014-2015 downtrend at 1.1353/61 currently. The risk/reward here remains to go short, looking for a slide back to the 1.0875/19 region. Loss of 1.1052 should trigger a slide lower”.
Emmanuel Ng, FX Strategist at OCBC Bank, added “With headlines surrounding Greek debt negotiation still yielding no concrete resolution, expect markets to continue to remain range bound ahead of a Tsipras-Merkel-Hollande meeting on Wednesday. With the reflation theme still in the background however, the EUR-USD may find support towards the 100-day MA (1.1066) with 1.1400 expected to cap on the back of Athenian uncertainty”.