5 Aug 2015
EUR/USD forecast: focus on PMIs, ADP – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - EUR/USD remains sidelined around 1.0860 ahead of the final figures of the Services PMIs in the euro area and the key ADP report in the US economy.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented “last week saw the market move towards and fail at the 1.1124/29 Fibo resistance, and while capped here we maintain a negative bias. Our focus remains on the 1.0819 May low and uptrend”.
In addition, FX Strategist at OCBC Bank Emmanuel Ng argued “Look to the stream of EZ PMI releases later in the session for further domestic cues although the dollar dynamic may continue to draw the pair towards the 1.0800 floor before 1.0780 with rate differential arguments presenting a compelling argument at this juncture”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented “last week saw the market move towards and fail at the 1.1124/29 Fibo resistance, and while capped here we maintain a negative bias. Our focus remains on the 1.0819 May low and uptrend”.
In addition, FX Strategist at OCBC Bank Emmanuel Ng argued “Look to the stream of EZ PMI releases later in the session for further domestic cues although the dollar dynamic may continue to draw the pair towards the 1.0800 floor before 1.0780 with rate differential arguments presenting a compelling argument at this juncture”.