25 Feb 2015
What’s the sentiment around EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - EUR/USD is trading on a firmer footing on Wednesday following the offered tone around the US dollar after Yellen’s dovish testimony on Tuesday.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested “The market has recently failed at 1.1520/34 (23.6% retracement of the move down from October 2014) and while capped here the market remains offered”.
In addition, FX Strategist at OCBC Bank Emmanuel Ng argued “With Greek/Yellen headlines working in conjunction to keep the pair supported in the near term, a sustained breach of 1.1300 will likely have to be put off at this juncture. In the interim, we continue to remain neutral within 1.1300-1.1500”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested “The market has recently failed at 1.1520/34 (23.6% retracement of the move down from October 2014) and while capped here the market remains offered”.
In addition, FX Strategist at OCBC Bank Emmanuel Ng argued “With Greek/Yellen headlines working in conjunction to keep the pair supported in the near term, a sustained breach of 1.1300 will likely have to be put off at this juncture. In the interim, we continue to remain neutral within 1.1300-1.1500”.