16 Jul 2014
What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - The EUR/USD continues to navigate levels last seen in mid-June around 1.3550 following a generalized USD strength.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s “outlook is neutral to negative while trading below the 55 and 200 day moving averages at 1.3656/77 and still targets the current July low at 1.3576 below which lies the much more important 1.3511 2012-2014 uptrend and the 1.3503 recent low”.
In addition, FX Strategist Emmanuel Ng at OCBC Bank noted, “Amid the summer doldrums, EUR-USD may be tempted lower in the near term given the current dollar backdrop with the 55-day MA (1.3656) expected to cap while interim support is also expected into 1.3530/50. In the interim, we remain directionally uncommitted”.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s “outlook is neutral to negative while trading below the 55 and 200 day moving averages at 1.3656/77 and still targets the current July low at 1.3576 below which lies the much more important 1.3511 2012-2014 uptrend and the 1.3503 recent low”.
In addition, FX Strategist Emmanuel Ng at OCBC Bank noted, “Amid the summer doldrums, EUR-USD may be tempted lower in the near term given the current dollar backdrop with the 55-day MA (1.3656) expected to cap while interim support is also expected into 1.3530/50. In the interim, we remain directionally uncommitted”.