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1 Jul 2014
What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank
FXStreet (Edinburgh) - The EUR/USD is looking to consolidate the recent bull run to the boundaries of 1.3700 the figure on Tuesday amidst increasing risk appetite.
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “has rallied strongly higher to test the 55 day ma at 1.3699. We note the 13 count on the 240 minute chart and the TD resistance at 1.3741. We also note the Elliott wave count is suggesting this short term rally higher is nothing more than a correction – we should there fore see this market fail circa 1.3700-45”.
In addition, FX Strategist Emmanuel Ng at OCBC Bank, commented, “EZ June CPI inflation numbers came in largely as expected and did not spark renewed fears of urgent easing by the ECB, permitting the EUR-USD to continue to ascend. With the 200-day MA (1.3675) now serving as a near term support, any breach above the 55-day MA (1.3700) may pave the way to the 100-day MA (1.3739) in short order”.
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “has rallied strongly higher to test the 55 day ma at 1.3699. We note the 13 count on the 240 minute chart and the TD resistance at 1.3741. We also note the Elliott wave count is suggesting this short term rally higher is nothing more than a correction – we should there fore see this market fail circa 1.3700-45”.
In addition, FX Strategist Emmanuel Ng at OCBC Bank, commented, “EZ June CPI inflation numbers came in largely as expected and did not spark renewed fears of urgent easing by the ECB, permitting the EUR-USD to continue to ascend. With the 200-day MA (1.3675) now serving as a near term support, any breach above the 55-day MA (1.3700) may pave the way to the 100-day MA (1.3739) in short order”.