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23 Apr 2015
What’s the sentiment around EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - EUR/USD remains in the red territory on Thursday, pending cues from today’s PMIs prints in the euro area and Greek headlines.
“Investors may remain cautious to say the least despite the Eurogroup Working Group indicating that Greece would be able to stay solvent till June. With no resolution expected at the EZ finance ministers meeting, we stay neutral on the pair and the failure to overrun the 1.0800 handle may imply that the pair could remain bracket within a 1.0600-1.0800 range”, noted Emmanuel Ng, FX Strategist at OCBC Bank.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, added “Above 1.0784 however will alleviate immediate downside pressure for a run up to 55 day ma at 1.9068 and the more important 1.1027/98 band (January low and March/April highs). Only a close above 1.1098 would change our view to a short term bullish one and neutralise our medium term outlook”.
“Investors may remain cautious to say the least despite the Eurogroup Working Group indicating that Greece would be able to stay solvent till June. With no resolution expected at the EZ finance ministers meeting, we stay neutral on the pair and the failure to overrun the 1.0800 handle may imply that the pair could remain bracket within a 1.0600-1.0800 range”, noted Emmanuel Ng, FX Strategist at OCBC Bank.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, added “Above 1.0784 however will alleviate immediate downside pressure for a run up to 55 day ma at 1.9068 and the more important 1.1027/98 band (January low and March/April highs). Only a close above 1.1098 would change our view to a short term bullish one and neutralise our medium term outlook”.