24 Mar 2015
What’s the sentiment around EUR/USD today? – Commerzbank and UOB Group
FXStreet (Edinburgh) - The single currency is now giving away some of the recent gains, although it manages to keep the trade above the 1.0900 vs. the US dollar.
“While EUR held above the 1.0750 support, the sharp swing higher to 1.0971 was unexpected. Further up-move cannot be ruled out from here but any further up-move is expected to struggle near last week’s peak near 1.1035/40. Strong support is at 1.0890”, suggested analysts at UOB Group.
According to Axel Rudolph, Senior Technical Analysis at Commerzbank, “EUR/USD probes the three month downtrend channel line at 1.0968. While it and last week’s high at 1.1037 cap on a daily chart closing basis, we will retain our bearish bias”.
“While EUR held above the 1.0750 support, the sharp swing higher to 1.0971 was unexpected. Further up-move cannot be ruled out from here but any further up-move is expected to struggle near last week’s peak near 1.1035/40. Strong support is at 1.0890”, suggested analysts at UOB Group.
According to Axel Rudolph, Senior Technical Analysis at Commerzbank, “EUR/USD probes the three month downtrend channel line at 1.0968. While it and last week’s high at 1.1037 cap on a daily chart closing basis, we will retain our bearish bias”.