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29 Sep 2014
What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - The single currency is looking to regain the 1.2700 handle at the beginning of the week, with EUR/USD coming up from fresh ytd lows near 1.2660 in early trading.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented, “EUR/USD remains under pressure an starts this week with the focus on the 1.2661 November 2012 low. We view the market as directly offered below the 2 month downtrend, which is currently located at 1.2840. Daily technical indicators remain negative and support is exposed”.
“The environment may continue to look dour for the common currency ahead of the ECB meeting this week… On the CFTC front, net leveraged EUR shorts deepened further in the latest week and with the pair piercing below 1.2700, expect support to only kick in towards 1.2640 and subsequently at 1.2600”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented, “EUR/USD remains under pressure an starts this week with the focus on the 1.2661 November 2012 low. We view the market as directly offered below the 2 month downtrend, which is currently located at 1.2840. Daily technical indicators remain negative and support is exposed”.
“The environment may continue to look dour for the common currency ahead of the ECB meeting this week… On the CFTC front, net leveraged EUR shorts deepened further in the latest week and with the pair piercing below 1.2700, expect support to only kick in towards 1.2640 and subsequently at 1.2600”.