18 Jun 2015
EUR/USD forecast: upside renewed post-FOMC – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - EUR/USD has seen its upside accelerated following yesterday’s FOMC meeting, trading closer to the key barrier at 1.1400.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “has eroded the one year downtrend at 1.1321 today. The market continues to remain thwarted by the 1.1380/87 resistance (4th June high) although the risk has increased that this will now also be eroded. – and our outlook remains neutral to negative below here. The near term risk still remains for failure and a slide to the 1.1052 pivot then the 1.0845/19”.
“Beyond the dollar, look for Greek-related news flow out of the EZ finance ministers meeting commencing today with the 1.1350- 1.1400 resistance zone expected to hold barring any positive breakthroughs. In the interim, expect the weak greenback to put a floor on the pair towards 1.1300 and we expect a more supported profile for the pair”, suggested Emmanuel Ng, FX Strategist at OCBC Bank.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “has eroded the one year downtrend at 1.1321 today. The market continues to remain thwarted by the 1.1380/87 resistance (4th June high) although the risk has increased that this will now also be eroded. – and our outlook remains neutral to negative below here. The near term risk still remains for failure and a slide to the 1.1052 pivot then the 1.0845/19”.
“Beyond the dollar, look for Greek-related news flow out of the EZ finance ministers meeting commencing today with the 1.1350- 1.1400 resistance zone expected to hold barring any positive breakthroughs. In the interim, expect the weak greenback to put a floor on the pair towards 1.1300 and we expect a more supported profile for the pair”, suggested Emmanuel Ng, FX Strategist at OCBC Bank.