9 Apr 2015
What’s in store for EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - EUR/USD s extending its selling momentum on Thursday, following the less dovish than expected tone from yesterday’s FOMC minutes.
“We continue to prefer a range to top-heavy profile for the pair in the near term with the 1.0800 handle a focal point. Elsewhere, yield differential movements also continue to argue for market participants to fade excessive upticks in the pair”, noted Emmanuel Ng, FX Strategist at OCBC Bank.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair “near term has failed to overcome the 1.1036/98 resistance area (made up of the March 18 high and the January low). As long as it caps we continue to look for a retest of the base of the 30 year channel located at 1.0573 and the 1.0457 March low”.
“We continue to prefer a range to top-heavy profile for the pair in the near term with the 1.0800 handle a focal point. Elsewhere, yield differential movements also continue to argue for market participants to fade excessive upticks in the pair”, noted Emmanuel Ng, FX Strategist at OCBC Bank.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair “near term has failed to overcome the 1.1036/98 resistance area (made up of the March 18 high and the January low). As long as it caps we continue to look for a retest of the base of the 30 year channel located at 1.0573 and the 1.0457 March low”.