6 Mar 2014
Flash: What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - The EUR/USD is extending its consolidation pattern around 1.3730/35 on Thursday, ahead of the ECB monetary policy meeting.
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “maintains a near term negative bias having recently failed at the 2008-2014 downtrend at 1.3826. Focus has shifted to the 1.3697 6 week up channel. A break below here is required to alleviate immediate upside pressure”.
“Background expectations for a dovish outcome remain in circulation, with the IMF also egging the ECB to further ease its monetary posture on Wed. Expect a 1.3700-1.3800 holding pattern to persist in the interim”, suggests Emmanuel Ng, Strategist at OCBC Bank.
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “maintains a near term negative bias having recently failed at the 2008-2014 downtrend at 1.3826. Focus has shifted to the 1.3697 6 week up channel. A break below here is required to alleviate immediate upside pressure”.
“Background expectations for a dovish outcome remain in circulation, with the IMF also egging the ECB to further ease its monetary posture on Wed. Expect a 1.3700-1.3800 holding pattern to persist in the interim”, suggests Emmanuel Ng, Strategist at OCBC Bank.