6 Jul 2015
EUR/USD forecast: life post-referendum – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - EUR/USD has recovered from the initial sharp drop following the Greek referendum and is now trading in the mid-1.1000s.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair’s “outlook is neutral to negative. The market has sold off to last weeks low at 1.0950, which is currently holding. Our stance is neutral to negative – although there does appear to be a reluctance to sustain a break down presently”.
Furthermore, FX Strategist at OCBC Bank Emmanuel Ng commented, “Expect headline volatility in the coming sessions as European officials grapple with the ramifications of the Greek referendum results and construct a unified response. In the interim, we think 1.1000 remains a key level to watch with subsequent junctions expected at 1.0955 and 1.0890
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair’s “outlook is neutral to negative. The market has sold off to last weeks low at 1.0950, which is currently holding. Our stance is neutral to negative – although there does appear to be a reluctance to sustain a break down presently”.
Furthermore, FX Strategist at OCBC Bank Emmanuel Ng commented, “Expect headline volatility in the coming sessions as European officials grapple with the ramifications of the Greek referendum results and construct a unified response. In the interim, we think 1.1000 remains a key level to watch with subsequent junctions expected at 1.0955 and 1.0890