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27 Mar 2015
What’s in store for EUR/USD today? – OCBC Bank and Commerzbank
FXStreet (Edinburgh) - The pair is trading in the 1.0870 region on Friday, looking to consolidate the sharp decline from the mid-1.1000s on Thursday.
“Swings in the pair are likely to emanate more from the US front in the near term, especially with Yellen expected to make another appearance tonight. An interim floor is expected towards 1.0800 while the psychological resistance at 1.1000 remains in force”, noted Emmanuel Ng, FX Strategist at OCBC Bank.
In addition, Senior Technical Analyst at Commerzbank Axel Rudolph commented, “EUR/USD briefly probed the 1.1037/98 resistance area before being rejected by it. It is made up of the March 18 high and the January low. As long as it caps we continue to look for a retest of the base of the 30 year channel located at 1.0573 and the 1.0457 current March low”.
“Swings in the pair are likely to emanate more from the US front in the near term, especially with Yellen expected to make another appearance tonight. An interim floor is expected towards 1.0800 while the psychological resistance at 1.1000 remains in force”, noted Emmanuel Ng, FX Strategist at OCBC Bank.
In addition, Senior Technical Analyst at Commerzbank Axel Rudolph commented, “EUR/USD briefly probed the 1.1037/98 resistance area before being rejected by it. It is made up of the March 18 high and the January low. As long as it caps we continue to look for a retest of the base of the 30 year channel located at 1.0573 and the 1.0457 current March low”.