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27 May 2015
What’s the sentiment for EUR/USD? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - EUR/USD is reverting part of the recent sharp sell off on Wednesday, looking to regain levels above the 1.0900 handle.
“While fears of a Greek debt default (negativity from weekend Spanish elections likely to fade) may continue to linger ahead of 5 June 15 debt repayment deadline, a firmer USD landscape at this juncture may continue to pressure the pair low… After its recent rejection of the 1.1400 neighbourhood on the weekly charts, the pair we think may be at risk of detaching on a sustained basis from its 55-day MA (1.0930) towards 1.0800”, noted Emmanuel Ng, FX Strategist at OCBC Bank.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, added, “Rallies are indicated to terminate circa 1.1080 and are expected to remain capped by 1.1208, the high from the 22nd May”.
“While fears of a Greek debt default (negativity from weekend Spanish elections likely to fade) may continue to linger ahead of 5 June 15 debt repayment deadline, a firmer USD landscape at this juncture may continue to pressure the pair low… After its recent rejection of the 1.1400 neighbourhood on the weekly charts, the pair we think may be at risk of detaching on a sustained basis from its 55-day MA (1.0930) towards 1.0800”, noted Emmanuel Ng, FX Strategist at OCBC Bank.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, added, “Rallies are indicated to terminate circa 1.1080 and are expected to remain capped by 1.1208, the high from the 22nd May”.