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14 May 2014
What’s the sentiment around the EUR/USD today? – OCBC Bank and Commerzbank
FXStreet (Edinburgh) - The EUR/USD remains locked within a narrow range around 1.3700/20 on Wednesday, following yesterday’s comments by the Bundesbank.
“As noted previously, if the 1.3700-1.3750 region is punctured, the potential to gather momentum may mount. Visible supports thereafter are expected towards 1.3640 before the 200-day MA (1.3625)”, suggested Emmanuel Ng, FX Strategist at OCBC Bank.
In addition, Axel Rudolph, Senior Technical Analyst at Commerzbank observed, “The 1.3684/43 seven month uptrend line, April low and end of February low are now being probed and should hold the initial test... Short term rallies are expected to find resistance around the 1.3770 late April low and along the breached support line, now resistance line, at 1.3802”.
“As noted previously, if the 1.3700-1.3750 region is punctured, the potential to gather momentum may mount. Visible supports thereafter are expected towards 1.3640 before the 200-day MA (1.3625)”, suggested Emmanuel Ng, FX Strategist at OCBC Bank.
In addition, Axel Rudolph, Senior Technical Analyst at Commerzbank observed, “The 1.3684/43 seven month uptrend line, April low and end of February low are now being probed and should hold the initial test... Short term rallies are expected to find resistance around the 1.3770 late April low and along the breached support line, now resistance line, at 1.3802”.