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22 Apr 2015
What’s in store for EUR/USD today? – OCBC Bank and Commerzbank
FXStreet (Edinburgh) - EUR/USD keeps the trade above the 1.0700 handle so far, while market participants are turning their focus on the Eurogroup meeting on Friday.
“With hopes of a deal being cemented this Friday at the EZ finance ministers meeting now centering around nil, we continue to stay neutral on the pair in the interim and expect markets to fade any upticks towards 1.0870 while a perforation of 1.0700 potentially opens the way to 1.0640”, noted Emmanuel Ng, FX Strategist at OCBC Bank.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued the pair “remains below its 5 month downtrend, this is located at 1.0803 currently. While capped here, an immediate downside bias will remain in place and the risk remains for a retest of the 1.0520/1.0457 recent lows. Loss of 1.0650 should be enough to refocus on the downside”.
“With hopes of a deal being cemented this Friday at the EZ finance ministers meeting now centering around nil, we continue to stay neutral on the pair in the interim and expect markets to fade any upticks towards 1.0870 while a perforation of 1.0700 potentially opens the way to 1.0640”, noted Emmanuel Ng, FX Strategist at OCBC Bank.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued the pair “remains below its 5 month downtrend, this is located at 1.0803 currently. While capped here, an immediate downside bias will remain in place and the risk remains for a retest of the 1.0520/1.0457 recent lows. Loss of 1.0650 should be enough to refocus on the downside”.