20 Jan 2015
What’s the sentiment around EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - EUR/USD is back to sub-1.1600 levels on Tuesday amidst an increasing demand for the US dollar.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued the pair “saw a slight recovery yesterday, on the daily chart we note the 13 count and this is a red warning flag for the down move and very near term we would allow for consolidation. Initial resistance is the 1.1709 accelerated downtrend and we would allow for this to be challenged”.
In addition, FX Strategist at OCBC Bank Emmanuel Ng suggested “risk may remain for the EURUSD to attempt to unhook itself from the 1.1600 handle into the ECB meeting and with the German ZEW also due later today”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued the pair “saw a slight recovery yesterday, on the daily chart we note the 13 count and this is a red warning flag for the down move and very near term we would allow for consolidation. Initial resistance is the 1.1709 accelerated downtrend and we would allow for this to be challenged”.
In addition, FX Strategist at OCBC Bank Emmanuel Ng suggested “risk may remain for the EURUSD to attempt to unhook itself from the 1.1600 handle into the ECB meeting and with the German ZEW also due later today”.