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31 Jul 2014
What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - The EUR/USD is treading water around the 1.3400 level on Thursday, following the hawkish tone from yesterday’s FOMC meeting.
“A negative bias will remain entrenched below the 1.3542 2 month downtrend. Below 1.3366 we look for losses to the 1.3295 November 2013 low en route to 1.3020/00, the 50% retracement of the move up from the 1.2042/July 2012 low… We note the indicators are in oversold territory and cannot rule out a small rebound near term”, commented Karen Jones, Head of FICC Technical Analysis at Commerzbank.
In addition, Emmanuel Ng, FX Strategist at OCBC Bank, suggested, “disinflation concerns surrounding the EZ may serve to keep the EUR-USD unsteady around the 1.3400 area while contemplating the next visible support circa 1.3300”.
“A negative bias will remain entrenched below the 1.3542 2 month downtrend. Below 1.3366 we look for losses to the 1.3295 November 2013 low en route to 1.3020/00, the 50% retracement of the move up from the 1.2042/July 2012 low… We note the indicators are in oversold territory and cannot rule out a small rebound near term”, commented Karen Jones, Head of FICC Technical Analysis at Commerzbank.
In addition, Emmanuel Ng, FX Strategist at OCBC Bank, suggested, “disinflation concerns surrounding the EZ may serve to keep the EUR-USD unsteady around the 1.3400 area while contemplating the next visible support circa 1.3300”.